Biography
Jan Vacula is a local partner in our Capital Markets practice.
Jan has broad experience advising corporate clients and financial institutions on a wide range of debt and equity capital markets transactions, including investment-grade bonds, high-yield bonds, regulatory bonds, covered bonds, green and sustainability-linked bonds, private placements, EMTN programmes, liability management, and IPOs. Jan also provides expert counsel to financial institutions on complex regulatory and compliance matters. Jan is both Czech and English law qualified.
Experience
Jan has represented, among others, the following clients:
International Debt Capital Markets
EP Infrastructure (EPIF) on the establishment of its EMTN programme and the successful issuance of €600 million 4.125 per cent. green bonds due 2033 under the programme, as well as all of EPIF's previous standalone issuances.
Slovenské elektrárne on the establishment of its €2 billion EMTN programme and the successful debut issue of €750 million 3.875 per cent. green bonds due 2032 under the programme.
ENERGO-PRO on its €300 million 6.45 per cent. senior guaranteed notes due 2031, issued through a private placement and offered under Regulation S. The notes are admitted to trading on the Vienna MTF, a multilateral trading facility operated by the Vienna Stock Exchange. J.P. Morgan acted as the sole initial purchaser for the transaction.
EPH Financing International as issuer and Energetický a průmyslový holding (EPH) as guarantor on the establishment of their €3 billion EMTN programme, its annual update, and all issues thereunder, including the inaugural issue of €500 million 5.875 per cent. guaranteed green notes due 2029. The transaction was awarded the "Debut Corporate Bond Deal of the Year and Energy Transition Deal of the Year" at the Global Banking & Markets CEE, CIS & Türkiye Awards 2024.
ENERGO-PRO on its issuance of €700 million 8.00 per cent. guaranteed notes due 2030, offered under Rule 144A and Regulation S, and a subsequent €50 million tap issuance. The notes are admitted to trading on the regulated market of Euronext Dublin. Citigroup Global Markets Europe, Goldman Sachs Bank Europe and J. P. Morgan acted as joint bookrunners and joint lead managers on the initial issuance. Goldman Sachs Bank Europe acted as the sole lead manager on the subsequent tap issuance. The transaction was awarded the "Deal of the Year – Czechia" at the Global Banking & Markets CEE, CIS & Türkiye Awards 2025.
CTP Group on the establishment of its EMTN programme, its subsequent annual updates, multiple issues of green bonds thereunder, and tender offers in respect of outstanding notes. The notes are listed on the Global Exchange Market of Euronext Dublin.
PPF Telecom Group on the establishment and annual update of its unique cross-over EUR 3 billion EMTN programme and issuances thereunder. In early 2025, we advised e& PPF Telecom Group, on a comprehensive update of its EMTN programme, which included amendments reflecting the group's newly obtained investment grade rating.
ČEZ Group in connection with several sustainability-linked bond issuances, marking important milestones in the integration of ESG objectives into corporate financing and constituting the largest sustainability-linked bond issuances by a Czech issuer to date. We also advise on the annual updates of the company's €8 billion EMTN programme.
Domestic Debt Capital Markets
České dráhy on the issue of CZK 8 billion (approximately €330 million) senior unsecured notes with a coupon of 5.50 per cent. per annum and a maturity of five years.
NET4GAS on a CZK-denominated bond offering in an aggregate amount of CZK 10.998 billion (approximately €440 million). The dual-tranche transaction consisted of CZK 4.098 billion floating rate bonds due 2028 and CZK 6.9 billion 2.745 per cent. bonds due 2031. The transaction represented the largest CZK-denominated corporate bond offering so far.
Česká spořitelna, Komerční banka and UniCredit Bank Czech Republic and Slovakia as joint lead managers together with Privatbanka as manager in respect of the up to CZK 1.25 billion (approximately EUR 50 million) 6.75 per cent. guaranteed retail notes issued by the Dr. Max Group, a leading pharmacy chain in Europe.
Česká spořitelna and Komerční banka as joint lead managers on the issue of CZK 1.1 billion (approximately EUR 42 million) floating-rate bonds due June 2023 by DEKINVEST, an investment fund with variable share capital, acting as investment manager of the sub-fund DEKINVEST podfond Alfa, and guaranteed by DEK, a holding company of a leading group supplying construction products and services in the Czech Republic and Slovakia.
ČD Cargo, part of the České dráhy group, on the issue and private placement of CZK 1 billion (approximately EUR 39 million) 2.55 per cent. bonds due July 2025 and several issues of bonds under its up to CZK 6 billion ten-year domestic bond programme.
Equity Capital Markets
CTP Group, the largest full-service owner-developer of prime industrial and logistics property in the Central & Eastern Europe region, on its initial public offering (IPO) and listing of its shares on Euronext Amsterdam – the largest real estate IPO in Europe since 2014.
Avast (Gen Digital), a multinational cybersecurity software company headquartered in Prague and a long-term client of the firm, on its US$816.6 million initial public offering.
Česká spořitelna, Komerční banka, Société Générale and WOOD & Company as joint global coordinators and joint bookrunners in connection with the initial public offering of shares of CZG - Česká zbrojovka Group (Colt CZ Group), one of the leading European producers of firearms for military and law enforcement, personal defence, hunting and sport shooting, and their listing on the Prague Stock Exchange.
Ranked as Notable Practitioner
in Capital Markets (IFLR 1000, 2025)