East West Banking Corp. announced it has successfully raised P3.7 billion in its maiden bond issuance well above its target of P2 billion. The 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,” EastWest Senior Executive Vice President and Treasurer Rafael S. Algarra Jr. was quoted in a statement as saying. “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.”
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, the bank said.
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.
The listing comes after the universal bank opened a branch for priority clients in Davao City, its first in Mindanao, last January 22.
“Today, we are celebrating another milestone by launching our first Priority Center in Mindanao, which I am very excited about because of our family’s history in the region,” Isabelle Gotianun-Yap, EastWest Board member, was quoted in a statement as saying. “I am certain that our people will work their hardest to provide you with the service you deserve, and I hope that this will be the start of many fruitful partnerships with you to come.”
“Opening our first EastWest Priority Center in Mindanao is hand-in-hand with the city’s brimming potential for economic growth,” Antonio C. Moncupa Jr., EastWest Vice Chairman, President and CEO, said. “As the city prospers, we hope to forge more partnerships through EastWest Priority, helping Davaoenos reach their goals and dreams.”