Republic of the Philippines in $1 Billion Debt Offering

January 17, 2007

Cleary Gottlieb represented Citigroup, Credit Suisse and Deutsche Bank as underwriters in a U.S.-registered offering by the Republic of the Philippines of $1 billion 6.375% global bonds due 2032. The offering, which closed on January 17, was the first offering by a sovereign in 2007. The bonds were listed on the EuroMTF, the alternative market of the Luxembourg Stock Exchange.

The Philippines is the most frequent sovereign borrower in Asia outside of Japan. Cleary Gottlieb is the designated underwriters’ counsel for offerings by the Philippines.