Philippines’ EastWest begins offering of PHP 5 billion tier 2 notes

By Marisa Wong

Madison, Wis., June 16 – East West Banking Corp. (EastWest Bank) announced it has begun a public offering of subordinated tier 2 notes.

EastWest Bank plans to issue up to PHP 5 billion of the tier 2 notes in one or more tranches within a year of having received approval from the Bangko Sentral ng Pilipinas.

The offer period will run until June 27, with the initial issue date slated for July 4.

The notes will have a term of 10 years and six months and will be callable after five years and five months.

Deutsche Bank, Hongkong and Shanghai Banking Corp., Standard Chartered and UniCapital are the joint lead arrangers of the offering and will also act as selling agents. EastWest Bank will be a limited selling agent, and Multinational Investment Bancorp. will be the issue’s market maker and selling agent.

Manuel Goseco, EastWest Bank’s senior vice president and treasurer, said in the announcement, “The bank is issuing the tier 2 notes to raise additional Basel III qualifying capital to support its growth plans.”

The Basel III requirements took effect on Jan. 1, the bank noted.

EastWest Bank is based in Taguig City, Philippines.

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