Čez 15yr wins lowest coupon, close to curve

30 May 2013

Čez, the Czech power company, launched a €500m 15 year bond on Tuesday, paying its lowest coupon yet for a euro bond, despite the long tenor.

It was the issuer’s first benchmark in euros for two years and, with its A2/A-/A- ratings, was assured of a strong reception. Bookrunners Commerzbank, Deutsche Bank, Erste Bank, ING and Royal Bank of Scotland brought in over €2bn of orders from 193 accounts.

With such strong demand, the finer ...

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