EastWest Bank to issue another P5-B LTNCDs
MANILA, Philippines - EastWest Banking Corp. will issue another P5 billion worth of long term negotiable certificates of time deposits (LTNCDs), the bank disclosed to the Philippine Stock Exchange yesterday.
EastWest Bank said it is now in the process of seeking regulatory approval for the LTNCD issuance.
The Gotianun-led bank issued last November P5 billion worth of LTNCD and is expected to complete the offering next month.
As this developed, Philippine National Bank (PNB), the financial arm of the Lucio Tan Group, said it had completed the public offering of its P5 billion LTNCDs in record time.
PNB was able to raise its intended volume in the morning of July 25, the same day it announced the start of the offer period, making it one of the fastest offerings in the Philippine capital market.
With an oversubscribed book early in its offering, the 5.5-year deposit was priced at three percent, the lowest ever coupon for an LTNCD instrument.
The public offer period was supposed to run for three days, from July 25-29, but was closed the same morning as its launch due to strong demand.
“We are overwhelmed by the confidence and support of our investors in PNB. This fundraising exercise will allow us to support our asset growth, and make us even more competitive in the banking industry.†PNB president and CEO Omar Mier, said in a statement.
For his part, HSBC Philippines president and CEO Wick Veloso said: “Raising P5 billion just a few hours into its first offering day, and pricing the LTNCD at the lower end of pricing guidance is a testament to PNB’s franchise.
HSBC acted as sole lead arranger and bookrunner for the transaction.
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