Cleary Gottlieb represented Deutsche Bank, HSBC and JPMorgan as underwriters in the Republic of the Philippines’ US-registered offerings of $250 million 8.875% bonds due 2015 and $500 million 9.50% bonds due 2030. Both transactions were re-openings of already outstanding issues. Cleary is designated underwriters’ counsel for offerings by the Republic, one of the most frequent sovereign borrowers in Asia.