Philippines in $2.75 Billion Offering

Cleary Gottlieb represented the Republic of the Philippines (Philippines), in its SEC-registered triple-tranche offering of $500 million 4.25% global bonds due 2031, $1.5 billion 5% global bonds due 2036, and $750 million 5.75% global bonds due 2051.

The offering closed on January 27, 2026, and the bonds are listed on the Luxembourg Stock Exchange.

The offering was a takedown from the Philippines’ shelf registration statement under Schedule B. The issuance was the Philippines’ largest USD bond offering over the last three years. Proceeds from the issuance will be used for the Philippines’ general purposes, including for budgetary support.

The Cleary team included partner Shuang Zhao, counsel Robert Williams and Daisy Yan, and associate Jitong Liu. Partner Matthew Brigham and associate Mingyu Tang advised on tax matters.