CLSA acted as Sole Bookrunner & Sole Underwriter for the Philippine National Oil Company (PNOC). PNOC sold a 20% stake in PNOC EDC (3 billion shares) through a secondary offering which raised PHP 17.1 billion (USD 371 million) additional revenue for the Philippine government. This operation is the largest sole bookrunner deal in the Philippines and the first secondary offering in the Philippines to have a 0% discount to the last traded price. PNOC EDC is the Philippines' largest producer of geothermal power and the global leader in wet steamfield technology.