MANILA, Philippines - EastWest Banking Corp. has sold P1.86 billion worth of five-year long-term negotiable certificates of time deposit (LTNCD), a bank disclosure to the Philippine Stock Exchange said.
EastWest Bank informed the PSE that this represents the fourth tranche of its LTNCD issuance.
The bank said it “expects to continue the issuance program in several tranches within the period allowed by the Bangko Sentral ng Pilipinas (BSP) but not to exceed P5 billion.â€
The LTNCD issue started in November 2012.
When it announced the LTNCD offering, EastWest Bank said they expect to carry out the fund-raising scheme within a one year period.
The first tranche was issued in November last year, totaling P1.5 billion.
The certificates of deposits would carry a coupon rate of five percent, with interest payments done on a quarterly basis.
The LTNCDs, which will start paying principal on May 23, 2018, would come in five-year and six-month tenor.
Unicapital and EastWest Bank serve as lead arranges and selling agents for the offering.