EastWest raises over P1 billion from fourth tranche of LTNCDs
by Paul Anthony A. Isla

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EAST West Banking Corp. (EastWest) said on Monday it has issued the fourth tranche of its long-term negotiable certificates of deposit (LTNCDs).

In a disclosure to the Philippine Stock Exchange, EastWest said the latest tranche has a face value amounting to P1.865 billion.

The bank earlier issued in November the first tranche of the deposit notes, which amounted to P1.5 billion; the second, in February (P238.9 million); and the third, in March (P770.17 million). Total value of the LTNCDs issued so far is P4.374 billion.

EastWest expects to continue issuing LTNCDs in several tranches within the period allowed by the Bangko Sentral ng Pilipinas.

The bank's issuance program has been capped not to exceed P5 billion, with minimum deposits of P50,000 and in increments of P10,000. The notes will mature between five years plus one day and five-and-a-half years from date of issuance.

The LTNCDs, which were arranged by Unicapital Inc., have a coupon rate of 5 percent and are set to mature on May 23, 2018. Unicapital and EastWest were appointed as selling agents.

The bank is issuing the notes to fund the expansion of its loans business.

Established on August 1, 1994, EastWest is a subsidiary of the Filinvest Development Corp., the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955.