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OTP buys back EUR 1.15m of subordinated bonds due in 2015

Hungary's OTP Bank has bought back bonds to a nominal value of EUR 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 August 26, 2011, the bank said, referring to the bond's issue documents allowing for such a step.

The withdrawal will leave EUR 123.85 million of the series outstanding.

OTP Bank issued EUR 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.