EASTWEST Banking Corp. has announced its maiden bond issuance of P2 billion fixed-rate bonds due 2023.
The bonds carry an interest rate of 4.5 percent per annum to be paid quarterly for three years.
The bank’s first bond offering starts on Feb. 10-14, 2020, and is available for a minimum investment of P500,000 and increments of P100,000 thereafter.
“Through its maiden bond issuance, EastWest aims to serve its clients better by providing alternative investment products,” EastWest senior executive vice president Rafael Algarra Jr. said.
“The bond issuance will also pave the way for future issuances and strengthen the Bank’s liquidity position by diversifying its sources of funding,” he added.
In the third quarter of 2019, the bank posted a net income growth of 43 percent to P4.6 billion and reported a Return on Equity of 14 percent, on track to achieve its most profitable year. Total assets grew by 15 percent to P387.3 billion.
The bonds are sold through the selling agents EastWest and Unicapital Inc., likewise the lead arranger of the bonds.
The issue and listing date on the Philippine Dealing and Exchange Corp. is targeted on Feb. 21, 2020. (PR)