Philippines' EastWest gets OK for up to PHP 5 billion negotiable CDs

By Marisa Wong

Madison, Wis., Nov. 7 - EastWest Banking Corp. is planning to issue up to PHP 5 billion of long-term negotiable certificates of time deposit. The Bangko Sentral ng Pilipinas recently approved the planned issuance, according to a Philippine Stock Exchange announcement.

The negotiable CDs will have a minimum maturity of five years and one day and a maximum term of five years and six months.

Interest will be a fixed rate based on market conditions.

Timing for the issuance will be set by EastWest and the arranger, Unicapital, Inc.

The Makati City, Philippines-based bank first announced plans to issue the CDs in July.

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