By Marisa Wong
Madison, Wis., June 30 – East West Banking Corp. (EastWest Bank) said it priced PHP 5 billion of Basel III-compliant tier 2 subordinated notes with a coupon of 5˝%.
The notes will mature on January 2025 and will be callable after five years and six months.
Deutsche Bank, Hongkong and Shanghai Banking Corp., Standard Chartered Bank and UniCapital are the joint lead arrangers and selling agents.
EastWest previously announced that it planned to issue up to PHP 5 billion of the tier 2 notes in one or more tranches.
The offer period ran until June 27. Settlement is slated for July 4.
Tony C. Moncupa Jr., president and chief executive officer of EastWest, said in a press release, “We are pleased with the reception and are grateful for the trust and confidence of our clients and investors. This fresh Basel III eligible capital will support our expansion program as we complete our target to have at least 400 branch stores before the end of the year to serve more customers.”
EastWest is a subsidiary of the Philippine conglomerate Filinvest Development Corp. The bank is based in Taguig City, Philippines.
| Issuer: | East West Banking Corp.
|
| Issue: | Basel III-compliant tier 2 subordinated notes
|
| Amount: | PHP 5 billion
|
| Maturity: | January 2025
|
| Coupon: | 5˝%
|
| Call option: | After five years and six months
|
| Arrangers: | Deutsche Bank, Hongkong and Shanghai Banking Corp., Standard Chartered Bank and UniCapital (joint lead arrangers and selling agents); EastWest (limited selling agent); and Multinational Investment Bancorp (market maker and selling agent)
|
| Offer period: | June 16-June 27
|
| Settlement date: | July 4
|
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