OTP continues buyback of subordinated bonds due in 2015
Hungary's OTP Bank has bought back bonds to a nominal value of €1.15 million of a subordinated bond series due on March 4, 2015, the bank said on Friday.
OTP Bank has initiated the withdrawal of the bonds by the date of September 8, 2011, the bank said, referring to the bond's issue documents allowing for such a step.
The withdrawal will leave €121.85 million of the series outstanding.
The bank started to buy back the series late August, and this is the third instalment it bought back and withdrew ahead of maturity.
OTP Bank issued €125 million 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 issue was managed by JP Morgan, London, and the bonds were introduced on the Luxembourg Stock Exchange.
ADVERTISEMENT
Hungarian 'Money Week' Program Reaches 1.5 mln Students
Parliament Negates Mandatory Membership in MOK
Óbuda U Partners With Samsung SDI on EV Battery Course
Service Restarted on Full Length of Metro Line M3
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.
