Czech CEZ cuts EMTN programme ceiling to half

...billion euros, head of financing Jan Brozik said on Thursday.

Brozik gave other reasons for the reduction than the global market turmoil.

"The four billion (volume) were based on the company's total debt capacity which we did not need to use," he told Reuters, adding that the reduction was made during preparation of the programme.

"We did not want to create impression among investors that we were going to use the full volume perhaps within a year or a year and a half."

Brozik, currently on a roadshow promoting the programme, told Reuters by telephone that the first tranche of the bonds may be issued this autumn but only if CEZ sees sufficient investor interest.