Chicago, Jan. 23 – OTP Bank Nyrt priced €600 million of five-year senior preferred notes (Baa3/Scope: BBB+) on Tuesday, according to a market source and a notice.
The initial 5% coupon will reset if the notes are not called on the optional redemption date, Jan. 31, 2028. The reset rate will be Euribor plus 230 basis points.
The notes priced at 99.915 to yield 5.024%, or at mid-swaps plus 230 bps. Initial talk was in the 260 bps area.
The bank used bookrunners J.P. Morgan SE (billing and delivery), BNP Paribas, Goldman Sachs Bank Europe SE, OTP Bank Nyrt and Societe Generale to sell the Regulation S notes.
Bookrunners reported that the order book was over €1.3 billion.
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: | €600 million
|
| Issue: | Senior preferred notes
|
| Maturity: | Jan. 31, 2029
|
| Bookrunners: | J.P. Morgan SE (billing and delivery), BNP Paribas, Goldman Sachs Bank Europe SE, OTP Bank Nyrt and Societe Generale
|
| Coupon: | 5% initial rate; resets on Jan. 31, 2028 to Euribor plus 230 bps
|
| Price: | 99.915
|
| Yield: | 5.024%
|
| Spread: | Mid-swaps plus 230 bps, or Bunds plus 274.6 bps
|
| Call features: | Jan. 31, 2028
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: Baa3
|
| Scope: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 260 bps area
|
| ISIN: | XS2754491640
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