The Philippines' EastWest Bank launched on Monday a public offering of its first Basel III-compliant Tier 2 issue, seeking to raise up to 5 billion pesos ($114 million) to support growth plans, IFR reported.

The yield on the 10.5-year notes, with a redemption option after five years and five months, was indicated at about 5.5 percent, according to IFR, a Thomson Reuters unit.

Pricing will be towards the end of the offering on June 27, with the issue date set for July 4, IFR said.

IFR said EastWest, the country's tenth-largest bank in terms of assets and a unit of conglomerate Filivest Development Corp , will be the fifth bank in the Philippines to raise the new-style bonds.

Deutsche Bank, HSBC, Standard Chartered Bank and UniCapital are joint lead managers and selling agents with EastWest Bank as limited selling agent.

Filinvest has diverse businesses that include real estate development and power generation.

Rizal Commercial Banking Corp was also in the market with a 10 billion peso worth of 10.25-year offering, indicated to yield 5.25 to 5.5 percent, IFR said.