EastWest completes LTNCD issue
By Donnabelle L. Gatdula
April 27, 2013, The Philippine Star
MANILA, Philippines - EastWest Banking Corp., the banking arm of the Gotianun family, has completed the fifth tranche of its long-term negotiable certificates of time deposit (LTNCD) issue amounting to P110 million.
EastWest Bank, in a disclosure to the Philippine Stock Exchange, said it expects to continue the program in several tranches within the prescribed period allowed by the Bangko Sentral ng Pilipinas, but not to exceed P5 billion.
EastWest Bank president Antonio Moncupa Jr., said they are planning to issue another P5 billion as soon as it completes the first batch of LTNCD by August this year. He said they consider these certificates as one of the most attractive investment options for their clients.
"LTNCD is a product and a funding option we would like to offer to our clients on a continuous basis," the bank executive said.
EastWest Bank, owned by the Gotianuns which also controls Filinvest Development Corp. (FDC), one of the largest property development firms in the country, issued the first tranche of the certificates in November last year totaling P1.5 billion.
The certificates of deposits carried a coupon rate of five percent, with interest payments would be done on a quarterly basis. The LTNCDs, which will start paying principal on May 23, 2018, come in five-year and six months tenor.
Unicapital and EastWest Bank serve as lead arranger and selling agents for the offering. As a universal bank, it has been capitalizing on the financial strength and synergy from the business organizations under the Filinvest Group.
