Dentons advises syndicate of banks on ČEZ European Green Bond issuance

London-Dentons has advised a syndicate of banks on ČEZ's €750 million 4.375% European Green Bonds due 2034 under its €8 billion Euro Medium Term Note Programme. The transaction represents ČEZ's inaugural European green bond issue, which follows its previous sustainability-linked bond issues on which Dentons acted as English and Czech law counsel to the banks, and the first European green bond by a Czech issuer.

ČEZ is one of the largest companies in the Czech Republic and a leading energy group operating in Central and Western Europe. The ČEZ Group has committed to make the energy sector sustainable and more environmentally-friendly. Aside from emission-free production, ČEZ's main business includes energy distribution and sales, as well as supporting innovation and investments in clean-tech companies.

The proceeds of the bonds will be applied by ČEZ towards fixed assets and projects in accordance with the gradual approach set out in the European Green Bond Regulation and ČEZ's Factsheet. The bonds are issued in accordance with the European Green Bond Regulation, the Factsheet and the Pre-Issuance Review Report related to the Factsheet.

Nick Hayday, Dentons' London-based Capital Markets partner, Head of Banking and Financial Services in the UK, and Global Co-Chair for the Banking & Finance Group, said: "This transaction is significant as it represents the first European green bond by a Czech issuer. It also helps to demonstrate the CEE regions' commitment to green financing."

Alongside Nick Hayday, Dentons' Capital Markets team comprised associates Ed Varney and Tom Day in London, and partners Tomáš Kafka and Petr Zákoucký, senior associate Martin Fiala and junior associate Tomáš Husička in Prague.

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