ČEZ exchangeable taps investors' demand for IG paper in Czech debut

By Nina Flitman
31 Jan 2014

A €470.2m exchangeable bond from ČEZ, the first equity-linked transaction from the Czech Republic, saw a surge of demand from investors hungry for investment grade paper.

Over 300 accounts flocked to buy the 2017 bonds, which are exchangeable for shares in MOL Hungarian Oil and Gas. The deal for A2/A- rated ČEZ was priced with zero coupon and an exchange premium of 35%.

“There was huge interest in this from long only accounts, and ...

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