Maturity: November 13, 2007
Issue price: 100.00
Coupon: six month Pribor plus 30bp
Launched: Thursday October 25
Sole mgr: Bank of America
This is our first ever foray into this currency, either as an issuer or a bookrunner. As is typical in this sector, the issue was driven by Czech institutional accounts, with some retail followthrough. Although the bond offers investors a good pick-up, the pricing was well within the bank's targets.
We see the east European currency Eurobonds as a growing market, and most probably we will be in the Czech koruna market again in the future. We are already big in the currency and swaps markets, and our recent appointment of Gavin Moule from ING to head up east European trading has given us added impetus.