EastWest, the most consumer-focused universal bank, announced its maiden bond issuance of P2 billion due 2023. The bonds carry an interest rate of 4.5 percent a year to be paid quarterly for three years.
The bank’s first bond offering starts on February 10 until February 14, 2020, and is available for a minimum investment of P500,000 and increments of P100,000 thereafter.
“Through its maiden bond issuance, EastWest aims to serve its clients better by providing alternative investment products,” said EastWest senior executive vice president and treasurer Rafael Algarra Jr.
“The bond issuance will also pave the way for future issuances and strengthen the Bank’s liquidity position by diversifying its sources of funding,” he added.
The bank posted a net income growth of 43 percent to P4.6 billion in the third quarter of 2019 and a return on equity of 14 percent, on track to achieve its most profitable year. Total assets grew by 15 percent to ₱387.3 billion.
The bonds will be sold through selling agents EastWest and Unicapital Inc., also the lead arranger of the bonds.