Czech Republic

News: 22 MARCH 2020

Allen & Overy advises JP Morgan on EUR 300 million high yield bond offering for Sazka Group

Allen & Overy announced that it represented J.P. Morgan, HSBC, Société Générale, UniCredit, Erste Group, and J&T BANKA as initial purchasers on the issuance of EUR300mn 3.875% Senior Notes due 2027 by SAZKA Group. The transaction followed a successful entry by SAZKA Group of international capital markets in November 2019, when the company issued its first high yield bond worth EUR300mn, bearing a fixed coupon of 4.125% due in 2024. 

Publications: 25 SEPTEMBER 2019

Changes are needed to EU Law so declarations of non-infringement of EUTMS and Community designs are available across the EU: an A&O survey

A more detailed version of this article was first published in the Journal of Intellectual Property Law and Practice (Volume 14, Issue 10, pages 754-760)on 20 September 2019 and can be found here.

Publications: 17 APRIL 2019

Analysing the impact of the AIFM Directive

The Alternative Investment Fund Managers Directive (AIFMD) will have a major impact on the asset management sector as it regulates alternative investment fund managers who market or manage funds in Europe targeted at professional investors. With the rapid growth in alternative investment funds focussed on a wider range of asset classes the AIFMD heralds increased regulatory scrutiny on the sector.

Publications: 29 NOVEMBER 2018

Secured creditor has no absolute duty to preserve or maintain security for benefit of surety

​Although a secured creditor has an equitable duty to perfect its security, there is no “absolute” duty on a creditor to preserve or maintain the security for the benefit of a guarantor. A creditor may however be required to take non-onerous steps to preserve or maintain third party security for the benefit of a guarantor.   There was also no implied contractual duty on the creditor to take further steps to protect the security.  The borrower and guarantor were liable to repay the loan, despite the fact that the third party security for the loan had been distributed to alleged fraudsters in a Czech insolvency rather than preserved for the secured creditor.  The dispute reinforces the importance of market standard clauses aimed at avoiding arguments as to what steps a secured creditor must take to protect its security: General Mediterranean Holding SA.SPF (aka General Mediterranean Holding SA) v Qucomhaps Holdings Ltd, William James Harkin (& anr