Banks: EW to offer up to PHP5b Tier 2. East West Banking Corp (EW – HOLD) yesterday started to offer up to PHP5b worth of unsecured subordinated Tier 2 notes. The offer period will run until 27 June, with issue date set on 4 July. The notes will have a term of 10 years and 6 months, with redemption option after five years and five months. Proceeds will be used to strengthen EW’s capital to support its growth plans. This could boost capital adequacy ratio by 2pps to an estimated 20% at end 2014.
Property: MEG allots PHP230b capex for the next five years. Megaworld Corp (MEG-BUY) is planning PHP230b in capex for the next five years to develop townships, build real estate projects and acquire additional land bank across the country. The company plans to launch 10 residential projects and six office projects each year. MEG is aiming to have 1m square meters of office space in the next five years.
- ATR
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