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OTP Bank issues €300 million of mortgage-backed bonds

OTP Jelzálogbank, the mortgage arm of OTP Bank, on Thursday said it issued €300 million of mortgage-backed bonds within the framework of its €3 billion international mortgage note program approved by the bourse regulator in Luxembourg.

The value day of the issue is March 25.

The bank did not disclose the run or other conditions of the bonds.

OTP Jelzálogbank last issued €1 billion mortgage-backed bonds under its international issue program early December 2009.

OTP Jelzálogbank said earlier it had mortgage-backed bonds outstanding of HUF 1,512 billion (€5.73 billion at current rates)nominal value plus HUF 599 billion in interest on December 31, 2009. The obligations on the bonds stood against a mortgage loan stock of HUF 1.322 billion nominal value and an additional 1.361 billion in interest receivable. Additional coverage, all in government securities, totaled HUF 217 billion nominal value, with a further HUF 478 million interest, on December 31.

The bank did not publish a per-currency breakdown of its liabilities or assets. (MTI-ECONEWS)