OTP Mortgage Bank announces HUF 1,000 bln bond program

Initiatives

OTP Mortgage Bank on Tuesday announced the establishment of a HUF 1,000 billion mortgage bond issue program. Under the program, OTP Mortgage Bank could issue a number of series in multiple parts denominated in forints, euro, Swiss francs or dollars. The papers may have maturities of no more than 30 years. They may carry a fixed, floating or indexed rate and may be subscribed or sold at auction. The bank's board decided on the bond program early in March and financial market watchdog PSzÁF cleared it in May. OTP Mortgage Bank's stock of outstanding mortgage bonds came to HUF 1,086 billion at the end of last year. Almost half of the papers mature in 2-5 years.

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