Czech Republic
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The bounce in international equities since the election of Donald Trump as US president has led, as widely expected by market participants, to a wave of block trades this week, some of which were covered very quickly. -
The bounce in international equities since the election of Donald Trump as US president was widely expected by market participants to lead to a round of block trades as sellers looked to take advantage of the favourable conditions.
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Ceská telekomunikacní infrastruktura (CETIN) added to the trickle of EM bonds expected before year end on Monday and met investors this week for a euro denominated bond. The BBB rated issuer is hoping to benefit from demand from both EM and high grade corporate accounts.
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GE Capital has completed the first sell-down of shares in Moneta Money Bank, the Czech commercial lender, since its Ck20bn (€739m) Prague IPO in May.
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The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.
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Czech Railways printed its €400m seven year bond on Wednesday attracting buyers looking for a pick-up over tightly trading western European corporate debt.
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Ceské dráhy, the 100% state-owned Czech national railway operator, launched its €400m seven year bond on Wednesday after tightening price guidance twice.
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Investors in the IPO of Moneta Money Bank — the biggest in Emea so far this year — have made nearly a 10% return on their money, after the shares traded up for the fifth successive day on Thursday, despite a fall in profits.
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Ceské dráhy, the 100% state-owned Czech national railway operator, has mandated two banks for a Reg S only euro bond.
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The two IPOs under way in Prague are both garnering good interest in investor education, bankers said this week. Both companies seeking to float, GE Money Bank and EP Infrastructure, are solid, high quality assets, and the Czech economy is seen as stable and attractive.
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A year can go by without an IPO in Prague, but this week has brought two. The day after GE Money Bank set out to float, Energetický a průmyslový holding (EPH), the Czech coal, gas and power company, began investor education for its plan to list EP Infrastructure, its energy transmission and distribution business.
