Development Bank of the Philippines in $300 Million Debut Debt Offering

Cleary Gottlieb represented Credit Suisse, Goldman Sachs, HSBC and J.P. Morgan as underwriters in a Reg S offering by the Development Bank of the Philippines of $300 million notes due 2021. The offering closed on March 25, 2011. The notes were listed on the Singapore Stock Exchange.

The Development Bank of the Philippines is a government-owned financial institution with a mandate to provide medium- and long-term credit facilities for the development and expansion of the agricultural and industrial sectors and public utilities, and to promote the establishment of private development banks. This transaction was the Bank’s inaugural offering in the international capital markets.