The Republic of the Philippines in $1.5 Billion Sovereign Debt Offering and Tender Offer

Cleary Gottlieb recently represented the joint bookrunners, ANZ, Citi, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and Standard Chartered Bank, in an SEC-registered offering by the Republic of the Philippines of $1.5 billion of 4.20% Global Bonds due 2024. Cleary Gottlieb also represented the joint dealer managers, Deutsche Bank, HSBC and Standard Chartered Bank, in the concurrent accelerated tender offer for 11 series of the Philippines’ outstanding U.S. dollar-denominated bonds maturing between 2015 and 2025. The transactions closed on January 21 and the bonds were listed on the Luxembourg Stock Exchange. The new bond offering was a take-down from the Philippines’ shelf registration statement under Schedule B.

The tender offer is part of a broader liability management program by the Philippines aimed at reducing the percentage of its overall liabilities that is denominated in foreign currencies, extending maturities and reducing costs.