Republic of the Philippines in $3 Billion Sovereign Debt Offering

October 6, 2010

Cleary Gottlieb represented Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation and UBS in a simultaneous SEC-registered exchange offer and offering of bonds for cash by the Republic of the Philippines of $3 billion of 4.00% Global Bonds due 2021 and 6.375% Global Bonds due 2034. The offering closed on October 6 and the bonds were listed on the Luxembourg Stock Exchange. The exchange offer was extended to holders of 14 types of old bonds, to exchange their bonds for the new bonds.

Cleary Gottlieb is designated underwriter’s counsel for the Republic of the Philippines, Asia’s most frequent sovereign issuer outside of Japan.