EastWest Bank completes 5th tranche of P5-B offering

EastWest Banking Corp. on Friday said it has completed the fifth tranche of its long-term negotiable certificates of time deposit (LTNCD) amounting to P110 million. The bank said it expects to continue the issuance program in several tranches within the prescribed period allowed by the Bangko Sentral ng Pilipinas but not to exceed P5 billion. After completing the first batch of LTNCD next August, EastWest Bank will issue another P5 billion, said president and CEO Antonio Moncupa Jr. The certificates are an attractive investment option for clients, according to the CEO. "LTNCD is a product and a funding option we would like to offer to our clients on a continuous basis," he said. The deposit certificates carry a coupon rate of 5 percent. Interest payments are done quarterly. Unicapital and EastWest Bank were the lead arranger and selling agents for the offering. — VS, GMA News