Czech natural gas transmission leader Net4Gas broke new ground in the European capital markets with a unique asset liability management exercise in which it swapped out of Eurobonds into locally documented securities. The swap enabled the company to term out its debt, ease its administrative burden and cater to the demands of local investors.
Net4Gas is the leading transmission operator in central Europe, transporting about 45 billion cubic metres of natural gas through 3800 kilometres of high-pressure pipelines annually. The group changed ownership in 2013, with German energy company RWE selling to Allianz and Borealis Novus, each of which took a 50% share.
