EastWest to raise P2B from maiden bond issue
Gotianun-led EastWest Banking Corp. is debuting into the local bond market with a retail offering amounting to around P2 billion.
The fixed-rate bonds carry an interest rate of 4.5% per annum to be paid quarterly for three years, EastWest said in a statement.
Proceeds from the issue will be used to strengthen the bank’s liquidity position by diversifying its sources of funding.
The bond offering kicked off today and would run February 14.
“Through its maiden bond issuance, EastWest aims to serve its clients better by providing alternative investment products,” said Rafael Algarra Jr., EastWest SVP and treasurer.
The bonds are available for a minimum investment of P500,000 and increments of P100,000 thereafter. EastWest and Unicapital are the lead arrangers for the bond issue.
EastWest Bank reported a 43% jump in its net income to P4.6 billion in the third quarter last year. Total assets grew by 15% to ₱387.3 billion.