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East West Banking issues 2.45B pesos of LTNCDs

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East West Banking issues 2.45B pesos of LTNCDs

East West Banking Corp. issued 2.45 billion Philippine pesos of long-term negotiable certificates of time deposit, or LTNCDs.

The LTNCDs were priced with a coupon of 4.625% and will mature Dec. 7, 2023.

The issuance marked the first tranche of the bank's planned 15 billion peso LTNCD offering in 2018.

Proceeds from the issuance will be used to expand the bank's long-term deposit base, as well as support its major funding needs.

Unicapital Inc. acted as the sole issue manager and arranger for the offering.

As of June 7, US$1 was equivalent to 52.56 Philippine pesos.