Local Debt Market Welcomes Maiden Listing of EastWest BankPosted on: March 21, 2017
21 March 2017, Makati Philippines – EastWest Bank, the most consumer-focused universal bank in the country, joined the PDEx Issuer Community with the entry of its maiden listing, PhP 2,703,930, 000 Long-Term Negotiable of Time Deposits (LTNCTD) due 2022.
The Filinvest Group has been broadly active in the capital markets, with this listing well preceded by the other firms of the conglomerate, the parent company Filinvest Development Corporation, and property arm Filinvest Land. With today’s listing, the Filinvest Group’s total volume of listed issues reaches PhP 40.5 Billion, representing a 6% share of the Aggregate Volume of Outstanding Corporate Bonds listed in PDEx.
EastWest Bank President and CEO Antonio C. Moncupa, Jr. stressed the importance of issuing LTNCTDs, an innovative instrument that has given the Bank the opportunity to fix its funding structure and manage interest rate and funding risks. Stating the Bank’s steady growth through the years, Mr. Moncupa added there is a possible Tier 2 of LTNCTDs given their desire to meet the needs of its consumers and become one of the most significant players in the industry.
PDS Group President and CEO Cesar B. Crisol said: “The addition of East West’s LTNCTDs marks a continued expansion of corporate instruments traded in the PDEx organized market and a further contribution toward cultivating an investor base empowered within an integrated yet diverse marketplace.”
To date, the total new listings in PDEx stands at PhP 36.08 Billion. A total of 116 debt securities are now listed by 42 issuers in PDEx, bringing the total outstanding volume of listed corporate debt instruments to PhP 674.42 Billion.
Directors and Officers of EastWest Bank attended the event including EastWest Bank Chairman Jonathan T. Gotianun, EastWest Bank President and CEO Antonio C. Moncupa, Jr., EastWest Bank Senior Executive Vice President and COO Jose Emmanuel U. Hilado. Unicapital, Inc., the issue’s arranger and selling agent was represented by its President Ricardo L. Fernandez. #