Republic of the Philippines in $2 Billion Debt Offering

January 11, 2006

Cleary Gottlieb represented Citigroup, CSFB, Deutsche Bank and UBS as underwriters in the Republic of the Philippines’ US-registered offering of $1.5 billion 7.75% bonds due 2031 and €500,000,000 6.25% bonds due 2016. The offerings were the Philippines’ first takedown since the Securities Offering Reform took effect and raised two-thirds of the Philippines’ estimated commercial external funding requirements for 2006.

The Philippines is one of the most frequent sovereign borrowers in Asia. Cleary is the designated underwriters’ counsel for offerings by the Philippines.