Republic of the Philippines in Philippine Peso 54.77 Billion Sovereign Debt Offering

January 14, 2011

Cleary Gottlieb represented Citi, Credit Suisse, Deutsche Bank, HSBC, J.P. Morgan and UBS as underwriters in a US-registered offering by the Republic of the Philippines of Philippine Peso 54.77 billion ($1.2 billion) in aggregate principal amount of 6.25% PHP Global Bonds due 2036. The offering closed on January 14, 2011. The global bonds were listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF Market.

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