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Mortgage bank Unicredit bonds outstanding rise more than coverage in Q4

The liabilities on Hungarian mortgage bank Unicredit Jelzálogbank on mortgage-backed bonds rose at a higher pace than in the last quarter of 2010, but the full coverage ratio still was near 200%, Econews calculated based on data published by the bank on the website of the Budapest Stock Exchange.

Including principal and 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.

HUF 50.0 billion of the total HUF 54.2 billion of outstanding stock were forint mortgage bonds. Interest due on forint bonds totaled HUF 20.6 billion at the end of December 2010, and interest owed on foreign currency bonds was worth HUF 101 million.

The total coverage included HUF 46.0 billion in forint loan principal and HUF 50.3 billion of principal on foreign currency-denominated mortgage loans. Interest receivable on forint loans totaled HUF 23.0 billion, and interest on foreign currency-denominated loans came to HUF 14.4 billion.

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 113.9 billion.

Total liabilities on outstanding mortgage bonds issued by Unicredit Jelzálogbank rose 1.9%, and total coverage, excluding supplementary coverage, rose 1% in Q4 2010, Econews calculated.

The coverage ratio of the bonds still was 178.6% excluding supplementary coverage and 197.2% including supplementary coverage. (MTI – Econews)