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OJB to launch Ft 300 bln mortgage bond program

OTP Mortgage Bank Zrt (OJB) announced on Tuesday it will launch a Ft 300 billion mortgage-backed bond program.

The State Financial Supervisory Authority (PSzÁF) granted permission for the program on September 8. The bond program, OJB's fifth, will include the issue of forint, Swiss franc and euro-denominated bonds carrying fixed or floating rates for terms up to 30 years.
OJB's stock of loans to clients was a little more than Ft 900 billion on June 30, 2006, 13.8% more than twelve months earlier. The bank's outstanding stock of mortgage bonds was Ft 805.9 billion. About 94% of the bonds had terms longer than a year.
OJB had unaudited IFRS after-tax profit of Ft 2.4 billion in the first half of 2006, and total assets of Ft 1,073 billion at the end of June. Profit dropped 68% from a year earlier while total assets rose 21%.