Chicago, May 17 – Hungary’s OTP Bank Nyrt priced $500 million of 7½% senior preferred notes with a four-year tenor (Baa3/BBB-/Scope: BBB+) at par on Wednesday, according to a source.
Initial price talk was 7½% to 7¾%.
The notes may be optionally redeemed on May 25, 2026. After the optional redemption date, the coupon will reset to Treasuries plus 371.1 basis points.
BNP Paribas, JPMorgan SE, Morgan Stanley Europe SE (billing and delivery), Societe Generale and OTB Bank Nyrt are joint bookrunners for the Regulation S deal.
The notes are being issued under the bank’s €5 billion euro medium-term note program.
Based in Budapest, OTP is the largest universal banking services provider in Hungary and has significant presence across Central Eastern Europe.
| Issuer: | OTP Bank Nyrt
|
| Amount: | $500 million
|
| Issue: | Senior preferred notes
|
| Maturity: | May 25, 2027
|
| Bookrunners: | BNP Paribas, JPMorgan SE, Morgan Stanley Europe SE (billing and delivery), Societe Generale and OTB Bank Nyrt
|
| Coupon: | 7½% initial rate, resets May 25, 2026 to Treasuries plus 371.1 bps
|
| Price: | Par
|
| Yield: | 7½%
|
| Call features: | At par on May 25, 2026
|
| Trade date: | May 17
|
| Settlement date: | May 25
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Scope: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Roadshow
|
| ISIN: | XS2626773381
|
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