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EastWest Bank launches P1.5-billion Lower Tier 2 notes issue

lowbatt99 · 9 · 4339

lowbatt99

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EastWest Bank launches P1.5-billion Lower Tier 2 notes issue
By Ted P. Torres (The Philippine Star) Updated June 29, 2010 12:00 AM

MANILA, Philippines - Gotianun-owned East West Banking Corp. has launched a P1.5-billion Lower Tier 2 (LT2) notes issue to augment its asset expansion efforts, which include plans to increase lending and open more branches.

In a statement, the commercial bank said it has 13 unused branch licenses that could increase its 90-branch network to at least 113 by the end of 2010. It is also undertaking redeployment and redesigning of existing branches.

EastWest Bank had earlier tapped the capital markets in 2008, raising P1.25 billion through a similar LT2 issue.

The offer period for the first tranche of the newly-launched LT2 issue ended on June 25, while the notes will be issued on July 2.

The issue will mature in 10 years and six months, with a customary optional redemption after five years and six months. The notes will bear a fixed interest rate of 7.5 percent per annum, paid semi-annually for the first five years and six months.

Unicapital Inc. was tapped as lead arranger, while Multinational Investment Bancorporation was named market maker for the notes issue. Both companies have also been designated as selling agents.

The new issue will bring the total LT2 capital of EastWest Bank to P2.75 billion.

Over the last three years, EastWest Bank’s parent, Filinvest Development Corp., had pumped in a total of P4.5 billion in Tier 1 capital.
« Last Edit: Oct 19, 2010, 06:04 PM by FutureGizmo »


GoodSteward

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^is the minimum amount the usual 500,000? oopss.. offer period end na pala..


lowbatt99

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oo nga, bakit ang offer period sa June 25 pero walang balita until 29?  I've been checking financial news everyday and never heard of this until now.

Isn't 7.5% interest too low for a 10.5 years term?


DonT

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Yup..pababa ng pababa ang mga interest rates ah.


rodeo

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Magtanong lang po sa mga expert,,,. RCBC will issue Tier 2 Capital Notes, which seems to be similar sa inoffer before ni EW bank,  with indicative rate of 5 - 5.5% in June 2014, no withholding tax, minimum investment of 500k, 10-year with call option on the 5th year...  Is this a good and safe investment?  For diversification lang po....  TIA sa reply...


prodlinetrading

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Magtanong lang po sa mga expert,,,. RCBC will issue Tier 2 Capital Notes, which seems to be similar sa inoffer before ni EW bank,  with indicative rate of 5 - 5.5% in June 2014, no withholding tax, minimum investment of 500k, 10-year with call option on the 5th year...  Is this a good and safe investment?  For diversification lang po....  TIA sa reply...
yan din question ko im interested


DonT

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Good and Safe investment compared to what? What are your other options?


rodeo

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Good and Safe investment compared to what? What are your other options?
Thank you po sir for your reply....
Just comparing it to a Rural Bank that also gives a 5.75% annual rate and locked in for 5 years, tax free.... this for a 500k pesos investment...


jerics

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 :yoohoo:ok na yan but are you sure you want to purchase fixed income assets in this period where interest rates are projected to go up?
« Last Edit: Jul 14, 2014, 06:12 PM by jerics »


 


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