Slovakia's main electrical utility, Slovenské Elektrárne a.s. has issued a 1.5 billion Czech crown floating rate bond (FRN), with the coupon for the first six months set at 18.45%, lead manager ING Baring Capital Markets said on August 27.
The FRN's, issued at par through the fully-owned Czech subsidiary Slovenské Elektrárne CR, have a call option after three years, and will have interest set according to the six month Prague Interbank Offered Rate, plus 4.45% for the first three years and 4.89% for the remaining two years. Interest is to be paid semi-annually in arrears. The issue is fully guaranteed by the parent company, which is owned by the Slovak government.
