Commentary & Deal Flow

Reoffer: 5NC4: MS+105bp / 99.964 / 4.51%
Benchmark: 5NC4: DBR 0% Aug-30 @ 88.38% / B+128.4bp / Yield: 3.226% / HR: 107%

Launched: 5NC4: €750m @ MS+105bp
IPTs: 5NC4: MS+130bp

• Issuer: OTP Bank Nyrt.
• Issuer LEI: 529900W3MOO00A18X956
• Issuer Rating: A3 (Counterparty) by Moody’s / BBB by S&P / BBB+ by Scope
• Exp Notes Rating: BBB by S&P / BBB+ by Scope
• Status: Unsubordinated and unsecured, Senior Preferred Notes
• Ranking: Direct, unsecured, unguaranteed and unsubordinated obligations of the Issuer ranking: pari passu without any preference among themselves, and save for such exceptions as may be provided by applicable legislation, at least pari passu with all other outstanding unsecured and unsubordinated obligations of the Issuer, present and future (other than Senior Non-Preferred Notes and other obligations which rank or are expressed to rank junior to the Senior Preferred Notes)
• Form of the Notes: Regulation S, Registered Form, New Safekeeping Structure
• Tenor: 5NC4
• Maturity: 30-Sep-31
• Optional Redemption Date: 30-Sep-30
• Size: €750m
• Yield: 4.51%
• Price: 99.964%
• Spread: MS+105bp
• Benchmark: DBR 0% Aug-30 +128.4bps (Price: 88.38% / Yield: 3.226%) / HR: 107%
• Settlement date: 30-Sep-26 (T+6)
• Pricing date: 22-Sep-26 (T)
• Interest: 4.5% per annum payable in arrear annually. If not redeemed on the Optional Redemption Date, 3mEuribor + 1.05%, payable quarterly in arrear
• Interest Payment Dates: Fixed rate: 4.5%, payable annually in arrear until and including 30-Sep-30. First interest payment date 30-Sep-27
  Floating rate: payable quarterly in arrears on 30-Sep, 30-Dec, 30-Mar and 30-Jun
• Floating rate time/date determination: As at 11:00 a.m. on the 2nd TARGET Business Day prior to the relevant Interest Payment Date; on Screen page: EUR003M Index
• Day Count Fraction/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 floating rate note from the Optional Redemption Date until the Maturity Date
• Maximum/Minimum Interest Rate: Not Applicable
• Optional Redemption: The Notes may be redeemed before the Maturity Date at the option of the Issuer, subject to obtaining Supervisory Permission for redemption and complying with certain pre-conditions.
• Substitution and Variation: The Issuer may, upon occurrence of a Loss Absorption Disqualification Event or a Tax Event, either substitute all of the Notes for, or vary the terms of the Notes so that they remain or, as appropriate, become, Loss Absorption Compliant Notes, subject to the Issuer obtaining prior Supervisory Permission and complying with certain pre-conditions.
• Issuer’s Clean-up Call Option: 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 (including but not limited to) prior Supervisory Permission, redeem all (but not some only) of the remaining outstanding Notes at their principal amount together with any accrued and unpaid interest thereon
• Use of Proceeds: General corporate purposes
• ISIN: XS3503273719
• Common Code: 350327371
• Governing 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 €7,000,000,000 EMTN Programme Base Prospectus dated 27-May-26 as supplemented by the first supplement on 11-Jun-26 and the second supplement on 10-Aug-26
• Listing: Luxembourg Stock Exchange (Regulated Market) and Hong Kong Stock Exchange
• Clearing Systems: Euroclear and Clearstream, Luxembourg
• Business Days: TARGET
• Joint Lead Managers: BNP Paribas(B&D), Erste Group, Goldman Sachs Bank Europe SE, OTP 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 EEA PRIIPs key information document or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA and the UK.
• Timing: Priced. TOE: 15:03 UKT / 16:03 CET | FTT: 15:30 UKT / 16:30 CET