Business

EastWest upsizes first bond issue to ?3.7 B

EastWest upsizes first bond issue to ?3.7 B

By James A. Loyola

East West Banking Corporation, the banking arm of the Gotianun group, has upsized its maiden bond to ?3.7 billion from its target of ?2 billion.

In a disclosure to the Philippine Stock Exchange, the bank said its bonds have a tenor of three years and carry an interest rate of 4.5 percent per annum.

“The success of the bond issuance shows the trust and confidence of the public with EastWest Bank,” said EastWest Senior Executive Vice President and Treasurer Rafael S. Algarra Jr.

He added that, “To our investors, we recognize that they are our partners in success and we assure them that we will continue to provide alternative investment outlets.”

The bank noted that, “Issuing a bond despite its strong liquidity position is a testament of EastWest’s commitment to continually expand the roster of investments the bank can offer to the public.” Philippine financing house Unicapital, Inc. served as lead arranger and selling agent of the bonds. The bonds will be listed at the Philippine Dealing and Exchange Corp. on February 21, 2020.

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