Czech Republic

Ceské dráhy, the 100% state-owned Czech national railway operator, launched its €400m seven year bond on Wednesday after tightening price guidance twice.

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.

Ceské dráhy, the 100% state-owned Czech national railway operator, has mandated two banks for a Reg S only euro bond.

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.

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.

GE Money Bank, the Czech retail and SME bank, announced its intention to float on Monday, as its parent General Electric executes its plan to sell most of its financial services operations.

O2 Czech Republic has signed up to Ck12bn (€444m) of loans, of which it will use part to fund a share buyback programme.

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