London—Dentons has advised Barclays, BNP Paribas, Deutsche Bank, Citi and HSBC as the joint lead managers on the issue of €750 million 0.875% due 2026 by ČEZ, a.s.. This transaction represents the first issuance by ČEZ under its newly updated €8 billion Euro Medium Term Note Programme. Dentons acted as English law and Czech law counsel.

ČEZ is an energy conglomerate group with operations in the central and southeastern European countries and Turkey. Its principal business is the generation, trade and distribution of electricity, heat and coal. According to the Czech Energy Regulatory Office, ČEZ is the largest electricity generation and distribution company in the Czech Republic, accounting for approximately 67% of electricity generated in 2018. 

The bonds received a very positive response from the market, achieving a lower coupon than in the past few years. The bonds are now listed on the regulated market of Luxembourg Stock Exchange. 

Nick Hayday, partner in Dentons' Capital Markets practice in London who led on the transaction, said, "We are very pleased to have advised the lead managers on this successful bond issuance by ČEZ. This transaction demonstrates our continued commitment to delivering high quality advice to lead managers. It also builds on our recent work with the energy sector, such as advising Ignitis Group (formerly Lietuvos Energija) on the first international corporate green bond from the Central Eastern European region and bond issues and liability management exercises by EP Energy, Mazoon Electricity Transmission Corporation and Oman Electricity Transmission Company."

Alongside Nick Hayday, the Dentons team consisted of associates Moeen Qayum and Niharika Khimji and trainee Shinae Lee in London, and partners Jiří Tomola and Petr Zákoucký and associates Jan Hrivnák and Ivo Hartmann in Prague.

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