The Philippines’ €750 Million Debt Offering

Cleary Gottlieb represented the joint bookrunners, BNP Paribas, Credit Suisse, Deutsche Bank, Standard Chartered Bank, and UBS, in an SEC-registered offering by the Republic of the Philippines (Philippines) of €750 million 0.875% global bonds due 2027.

The offering closed on May 17, 2019, 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. This issuance marks the Philippines’ return to the European capital markets after a hiatus of more than a decade. Proceeds from the issuance will be used for the Philippines’ general purposes, including budgetary support.