Republic of the Philippines in $1.5 Billion Offering

February 2, 2005

Cleary Gottlieb represented Citigroup, Deutsche Bank Securities and UBS Investment Bank as joint lead managers and bookrunners in the Republic of the Philippines’ SEC-registered offering of $1.5 billion 9.50% global bonds due 2030.  The transaction represents the single largest issuance of global bonds ever by the Republic.

Cleary Gottlieb is designated underwriters’ counsel for offerings by the Republic, one of the most frequent sovereign borrowers in Asia.