Commentary & Deal Flow

6NC5: Final Books €900m. Peak book above €1.2bn (pre-rec)

Launched: 6NC5: €500m @ MS+255bp - Books above €1.2bn (pre-rec)
Book Update: Books in excess of €1bn
IPTs: 6NC5: MS+280/285bp

• Issuer: MBH Bank Nyrt.
• Issuer LEI: 3H0Q3U74FVFED2SHZT16
• Issuer Rating: Baa3 (Stable outlook) by Moody’s
• Expected Notes Rating: Ba2 by Moody’s
• Rating Split: Issuer: Baa3 (Moody's), Issue: Ba2 (Moody's)
• Status: Unsubordinated and unsecured, Senior Preferred Notes
• Form of the Notes: Regulation S (Category 2), Registered Notes, New Safekeeping Structure
• Tenor: 6NC5
• Maturity: 16-Jul-32
• Optional Redemption Date: 16-Jul-31
• Size: €500m
• Settlement Date: 16-Jul-26 (T+6)
• Reference Gilt: OBL 2.5% 30-Apr-31 (HR 97%)
• Hedge Deadline: 15:25 UKT / 16:25 CET
• Coupon: Fixed, Annual, Act/Act (ICMA). If not redeemed on the Optional Redemption Date, 3mEuribor + Margin, payable quarterly in arrear, Act/360
• Business Day Convention: Actual/Actual (ICMA) and Following Business Day Convention for the fixed rate note until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, Actual/360 and Modified Following Business Day Convention adjusted for the FRN then until the Maturity Date
• Clean-up Call: If, at any time, 75% or more of the principal amount outstanding of the Notes originally issued have been redeemed or purchased and subsequently cancelled, the Issuer may, subject to the pre-condition to such redemption, redeem all (but not some only) of the remaining outstanding Notes at par together with any accrued and unpaid interest thereon
• Use of Proceeds: General Corporate Purposes
• ISIN / Common Code: XS3433787341 / 343378734
• Law: The Notes shall be governed by English law, except for the provisions of the Notes relating to status, ranking and waiver of set-off that shall be governed by, and shall be construed in accordance with, the laws of Hungary
• Denominations: €100k x €1k
• Documentation: Issuer's €2,500,000,000 EMTN Programme; Base Prospectus dated 26-Nov-25 as supplemented by the first supplement dated 16-Jan-26 and the second supplement dated 06-Jul-26
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Clearing System: Euroclear and Clearstream, Luxembourg
• Joint Lead Managers: BofA Securities, Citi (B&D), Erste Group, MBH Investment Bank, and UniCredit
• Stabilization: ICMA / FCA stabilization applies
• Target Market: MiFID II professionals/ECPs-only – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document has been prepared as not available to retail in EEA UK MiFIR professionals/ECPs-only - Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No UK PRIIPs key information or CCI product summary document has been prepared as not available to retail in the UK
• Timing: Books open, today’s business
• Books Subject: At 12:15 UKT / 13:15 CET