Commentary & Deal Flow

Reoffer: 5yr: MS+44bp / 99.991 / 3.695%
Benchmark: 5yr: OBL 2.9 31 #194 @ 99.05 / B+59.3bp / HR 100%

Launched: 5yr: €750m @ MS+44bp
Guidance: 5yr: MS+50a

• Issuer: OTP Mortgage Bank Ltd
• Ticker: OTP
• Issuer LEI: 529900925TK5QIGTBH86
• Guarantor: OTP Bank Plc.
• Mortgage Notes: European Covered Bond (Premium)
• Issuer Rating: A3 (Counterparty) by Moody’s / BBB (negative) by S&P
• Expected Issue Rating: A1 by Moody’s
• Joint Lead Managers: Commerzbank, DekaBank, DZ BANK (B&D), Natixis, OTP Bank and Raiffeisen Bank International
• Currency: EUR
• Issue Amount: 750mn
• Pricing Date: 07-Sep-26
• Settlement Date: 15-Sep-26 (T+6)
• Maturity Date: 31-Oct-31 (long 5 years), hard bullet
• Coupon: 3.695%, Fixed, annual, act/act ICMA, on 31 October, long first coupon
• Reoffer: MS+44bps / 99.991/ 3.695%
• Benchmark: OBL 2.9 31 #194 +59.3bps (99.05) / HR 100%
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Denomination / Increment: EUR 100,000 plus EUR 1,000
• Governing Law: Hungarian Law
• ISIN: XS3503291026
• Form of Mortgage Notes: Reg S, Bearer, Secured, NGN
• Mortgage Notes Expected Eligibility: LCR 2A, ECB repo, CRR 129, Solvency II and ECBC Label Compliant
• Target Market: MiFID II professionals/ECPs-only – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional investors only (all distribution channels. UK MiFIR Professionals / ECPs-only– Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) or no disclosure document required by the FCA Product Disclosure Source (DISC) has been prepared as not available to retail in EEA and or in the UK.
• Advertisement: Base Prospectus dated 22-May-26, as supplemented by the first supplement on 10-Aug-26 and the second supplement on 04-Sep-26 available under https://www.otpbank.hu/otpjelzalogbank/english-contents
• Timing: Priced - TOE 14:08 CET / FTT 14:30 CET