MANILA, June 16 The Philippines' EastWest Bank
launched on Monday a public offering of its first Basel
III-compliant Tier 2 issue, seeking to raise up to 5 billion
pesos ($114 million) to support growth plans, IFR reported.
The yield on the 10.5-year notes, with a redemption option
after five years and five months, was indicated at about 5.5
percent, according to IFR, a Thomson Reuters unit.
Pricing will be towards the end of the offering on June 27,
with the issue date set for July 4, IFR said.
IFR said EastWest, the country's tenth-largest bank in terms
of assets and a unit of conglomerate Filivest Development Corp
, will be the fifth bank in the Philippines to raise the
Deutsche Bank, HSBC, Standard Chartered
Bank and UniCapital are joint lead managers and selling
agents with EastWest Bank as limited selling agent.
Filinvest has diverse businesses that include real estate
development and power generation.
Rizal Commercial Banking Corp was also in the
market with a 10 billion peso worth of 10.25-year offering,
indicated to yield 5.25-5.5 percent, IFR said.
(Reporting by Erik dela Cruz; Editing by Matt Driskill)