Vladimír Urbánek (Kurzy.cz)
Markets  |  August 29, 2012 11:09:01

CR sells bonds at 6 billion, the required revenues will probably record low

Czech market today offer 5 and 9tileté state bonds in a total volume of 6 billion CZK Given the decline in market yields is estimated that the bonds were placed at auction for a record favorable terms.

Nine-year bond yield yesterday fell for the sixth day in a row to 2.17 ie close to the historic lows at the beginning of August. At the last auction in mid-July, the Czech Republic ranked similar bonds with the average yield of 2.32%, which was the lowest in history.

According to a member of the Banking Committee Lubomir Lízal is possible that the CNB is not completely exclude the possibility that the central bank cut its key interest rate to zero or even into negative territory to prevent its further strengthening, which aggravate the position of the Czech economy's export-tuned.According to some comments, it is expected that before such a step would CNB proceeded, attempts to intervene directly against the crown. She just this month strengthened against the euro by 2.4%, which puts it in second place in the emerging markets tracked by Bloomberg.
According to estimates, zero or negative rates could knock the crown by up to 10%.

Czech bonds have recently become attractive for investors because the country still maintains a relatively high debt rating, higher than most other members of the EMU. CR still holds a relatively low level of debt at just half of the euro area government deficit remains below the EU limit set at 3%.
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ČR prodává dluhopisy za 6 mld.Kč, požadované výnosy budou asi rekordně nízké

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