Republic of the Philippines advised by Linklaters on its largest bond offering
The Republic of the Phillipines (ROP) was successfully advised by Linklaters on its largest bond offering comprising US$750m 1.95% global bonds due 2032 and US$2.25bn 3.2% global bonds due 2046. The largest 25-year note the ROP has issued is part of this offering. Earlier in 2021, the ROP was also advised by Linklaters on its issuance of €650m 0.25% global bonds due 2025, €650m 1.2% global bonds due 2033 and €800m 1.75% global bonds due 2041.
Capital Markets Partner Amit Singh led the Linklaters team supported by counsel Christian Felton and Xunming Lim, and US senior associate Jairo Carvalho Lamatina.
Linklaters has been the ROP's international counsel on all six of its liability management transactions since 2012 and 11 out of 13 of its past SEC-registered bond offerings. Amit Singh, who is Head of the South and Southeast Capital Markets, said,
"We are honored to have been a long-term partner of the Republic of the Philippines and truly grateful for the confidence the government had placed in us over the past nine years. Our team looks forwarding to continuing to support the Republic of the Philippines in its future transactions."
In advising on sovereign bond issuances in the region, Linklaters has long-standing experience. Earlier in 2021, the Government of Malaysia too was advised by the firm on the issuance of its US$1.3bn dual tranche sukuk offering, the first sovereign sustainability sukuk in the world, and establishment of the US$1bn trust certificate issuance programme of Maldives Sukuk Issuance Limitedplus the subsequent US$200m 5-year sukuk issuance, with which the Maldives debuted sovereign sukuk in the Islamic finance market.