Commentary & Deal Flow

Emerging Markets: SAZKA Group as EUR300m 144A/Reg S sr notes due 2027 (7y). NC3 Ratings TBD. Via JPM (B&D)/HSBC/SocGen jt glocos and physical books/UniCredit joint books, Este, J&T Banka as co-managers. No reg rights. List ISE. Roadshow Jan 27-28 (Mon investor call 1pm UKT, Tues London breakfast). UOP: refinance existing subsidiary debt. Biz: pan-European lottery and sports betting operator with operations in the Czech Republic, Greece, Cyprus, Austria and Italy. HQ: Prague, Czech Republic.