Runner-up: OTP Bank

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OTP Bank, the Hungarian mortgage bank, broke new ground with the launch of the country's first ever hybrid bank capital issue, a EUR500 million 10-year perpetual upper tier 2 bond. It is also the first public hybrid issue from central and eastern Europe.

Investors flocked to the deal with over EUR2.5 billion worth of orders despite a difficult political situation and two recent transactions from the borrower. In the first week of trading, the bond had tightened by 7-10bp from 221bp over the B

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