Philippines' EastWest talks upcoming negotiable CDs at 3 1/8%-3 3/8%

By Marisa Wong

Madison, Wis., Nov. 25 - EastWest Banking Corp. announced it will begin its offering of up to PHP 5 billion of long-term negotiable certificates of time deposit on Monday.

The company said it plans to offer the securities in weekly tranches over the next six months but may end the offering earlier if it sells the full PHP 5 billion authorized amount.

The initial tranche is expected to carry yields of 3 1/8% to 3 3/8%.

The negotiable CDs will mature on June 5, 2019.

Unicapital, Inc. is the arranger, as noted before.

The Bangko Sentral ng Pilipinas approved the planned issuance earlier this month, according to a previous Philippine Stock Exchange announcement.

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

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