Philippines’ $2.75 Billion Offering

Cleary Gottlieb represented the joint bookrunners, Credit Suisse, Daiwa Capital Markets, Deutsche Bank, Morgan Stanley, Standard Chartered Bank, and UBS, in an SEC-registered dual-tranche offering by the Republic of the Philippines of $1.25 billion 1.648% global bonds due 2031 and $1.5 billion 2.650% global bonds due 2045.

The offering closed on December 10, 2020, and the bonds were listed on the Luxembourg Stock Exchange.

The offering was a takedown from the Philippines’ shelf registration statement under Schedule B. The issuance is a landmark transaction for the Philippines having priced its lowest coupon for a 10.5-year and 25-year benchmark issuance in the international capital markets. Proceeds from the issuance will be used for the Philippines’ general purposes, including for budgetary support.