Chicago, Sept. 27 – Hungary’s OTP Bank Nyrt priced €650 million of 6 1/8% senior preferred notes due 2027 (Baa3/Scope: BBB+) on Wednesday, a market source reported.
The notes priced at 99.715 to yield 6.232%, or at mid-swaps plus 265 basis points.
Initial talk had the notes coming at mid-swaps plus 280 bps to 290 bps.
The notes are optionally callable on Oct. 5, 2027.
If not called, interest will reset to Euribor plus 265 bps.
UniCredit (billing and delivery), Citigroup, J.P. Morgan, Societe Generale and OTP Bank were the joint bookrunners for the Regulation S offering.
The notes will be listed in Luxembourg.
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: | €650 million
|
| Issue: | Senior preferred notes
|
| Maturity: | Oct. 5, 2027
|
| Bookrunners: | Citigroup, J.P. Morgan, Societe Generale, UniCredit and OTP Bank
|
| Coupon: | 6 1/8% initial rate; resets to Euribor plus 265 bps in final year
|
| Price: | 99.715
|
| Yield: | 6.232%
|
| Spread: | Mid-swaps plus 265 bps
|
| Call features: | At par on Oct. 5, 2027
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: Baa3
|
| Scope: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 280 bps to 290 bps
|
| Marketing: | Investor call
|
| ISIN: | XS2698603326
|
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