OTP announced the issue of €500 million perpetual NC10 subordinated notes
OTP Bank Plc. gave the following announcement in line with its obligations set by the Capital Market Act: on October 31, 2006 OTP issued perpetual subordinated (UT2) bonds to finance the current acquisitions of the Bank.
The €500 million nominal value bonds were issued at 99.375% of the face value with November 7 as payment date. The re-offer spread is 200 basis points over 10 year mid-swap. The bonds are perpetual, callable by the Issuer after the 10th year. The bonds bear a coupon of fix 5.875%, with annual interest payments in the first 10 years, and a floater coupon of 3 months EURIBOR +300 basis points per annum, quarterly thereafter. The Lead Managers of the successful bond issue (which attracted more than 200% oversubscription of the accepted amount) were UBS and BNP Paribas. The bonds will be introduced to the Luxembourg Stock Exchange. (bet.hu)
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.