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OTP continues buyback of subordinated bonds due in 2015

Debt

Hungary’s OTP Bank has bought back bonds to a nominal value of €12m of a subordinated bond series due on March 4, 2015 on the secondary market, the bank said on Friday.

The bank initiated the cancellation of the bonds bought back as of January 27. The withdrawal will leave €108m of the series outstanding.

The bank started to buy back the series late August, and this is the fifth instalment it bought back and withdrew ahead of maturity.

OTP Bank issued €125m in ten-year subordinated bonds in March 2015. The bonds carry a floating interest rate of 55 basis points over the three-month Euribor, paid quarterly, earlier Econews information shows. The bonds were introduced on the Luxembourg Stock Exchange.

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