Hungarian mortgage bank Unicredit Jelzálogbank announced the launch of a HUF 100 billion note program on Thursday. The 2011-2012 program will have a run of one year from the day of the announcement.
The bank will issue mortgage-backed bonds listed on the Budapest Stock Exchange as well as will privately place mortgage-backed bonds and other bonds under the program.
Unicredit Jelzálogbank is wholly owned by Unicredit Bank Hungary, and is one of Hungary’s three mortgage banks.
Including interest, Unicredit Jelzálogbank had total liabilities of HUF 74.9 billion on its outstanding forint and foreign currency denominated mortgage-backed bonds on December 31, 2010. Forint and foreign currency denominated mortgages covering the bonds, including interest receivable totaled HUF 133.8 billion at the end of December, and supplementary coverage, held in government securities, came to an additional HUF 13.9 billion.
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