East West Banking Corporation (“EastWest”) continued to strengthen its presence in the Philippine capital markets through its involvement in three major transactions recently: the Maynilad Water Services Initial Public Offering in November, SM Prime Holdings’ Php 17-billion retail bond issuance, and Ayala Land Inc.’s Php 15-billion Sustainability-Linked Bonds completed in October. These transactions give investors access to well-structured equity and debt opportunities and highlight EastWest’s work with established corporate issuers.

Maynilad IPO: One of the Country’s Largest Equity Offerings

EastWest served as Domestic Participating Underwriter for the highly anticipated IPO of Maynilad Water Services, Inc., which raised Php 34.3 billion from 2.28 billion Offer Shares priced at Php 15.00 per share, the second-largest IPO in Philippine history.

The offer was over 2x oversubscribed, with strong demand from cornerstone investors such as IFC, ADB, MOBILIST (UK FCDO), abrdn Malaysia, and Maybank Asset Management Singapore.

EastWest supported the transaction by broadening domestic investor participation, particularly among retail clients seeking long-term, dividend-oriented equity exposure. The Bank also focused on investor education and accessibility through its branch network and relationships with emerging affluent clients.

 

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Representatives from EastWest and Maynilad Water Services at the launch event of the Maynilad Initial Public Offering.

 

SM Prime’s Php 17-Billion Retail Bonds

SM Prime Holdings, Inc. successfully raised Php 17 billion from its peso-denominated retail bond issuance, which drew strong investor interest and was oversubscribed. Proceeds will support the company’s property-development pipeline across its malls, residences, and integrated estates.

EastWest served as Joint Lead Underwriter & Bookrunner and continued its long-standing relationship with SMPH.

 

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Executives from EastWest and SM Prime Holdings at the event marking the successful issuance of SM Prime’s retail bonds.

 

Ayala Land’s Php 15-Billion Sustainability-Linked Bonds

EastWest also acted as Joint Lead Underwriter & Bookrunner for Ayala Land Inc.’s third offering of Sustainability-Linked Bonds, the largest single-tranche SLB issued in the Philippine peso market. The issuance was strongly oversubscribed, bringing ALI’s total sustainability-linked bond funding to Php 56 billion.

The transaction further advanced ALI’s sustainability financing strategy, backed by verified KPIs on emissions reduction and zero-carbon building certification, and completed its 2025 debt funding program.

Across these three landmark offerings, EastWest demonstrated consistent execution strength and distribution capability. The Bank continues to support issuers accessing both equity and debt markets while helping broaden retail and institutional investor participation nationwide.

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Executives from EastWest and Ayala Land gather for the ceremonial ringing following the successful issuance of Ayala Land’s Sustainability-Linked Bonds.