OTP on watch as €750m issued
Hungary’s OTP Bank was placed on Credit Watch negative by Standard and Poor’s on Tuesday, just one day after its subsidiary, OTP Mortgage Bank, ostensibly issued a €750m two-year covered bond. But at nearly 100bp through the government market, it’s not clear whether the deal was placed with third party investors. The negative rating action follows a similar move on the Republic of Hungary, which was put on CreditWatch negative last week.
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