Republic of the Philippines in $1.5 Billion Dual Tranche Bond Offering

January 13, 2010

Cleary Gottlieb represented Barclays Capital, Deutsche Bank and The Hong Kong and Shanghai Banking Corporation as underwriters in a US-registered offering by the Republic of the Philippines of $650 million of its 6.50% global bonds due 2020 and $850 million of its 6.375% global bonds due 2034. The offering closed on January 13 and was the first international debt offering in East Asia in 2010. The 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.