Issuance activity: Tomorrow, MinFin is scheduled to auction CZK6.0bn of 2031 bonds, CZK3.0bn of 2035 bonds and CZK1.0bn of 2044 bonds. The November issuance calendar shows CZK20.5bn of CZGBs to be issued, i.e. CZK0.5bn less mom. However, given that MinFin has issued around 1/3 more than announced in the issuance calendars so far this year and 50%+ more in September and October combined, we believe that total of CZK50-60bn of CZGBs will be issued In the November and December together, after CZK33bn was sold in primary auctions in October.

Issuance activity: Tomorrow, MinFin is scheduled to auction CZK6.0bn of 2031 bonds, CZK3.0bn of 2035 bonds and CZK1.0bn of 2044 bonds. The November issuance calendar shows CZK20.5bn of CZGBs to be issued, i.e. CZK0.5bn less mom. However, given that MinFin has issued around 1/3 more than announced in the issuance calendars so far this year and 50%+ more in September and October combined, we believe that total of CZK50-60bn of CZGBs will be issued In the November and December together, after CZK33bn was sold in primary auctions in October.

Market situation: Since last week’s auction, CZGB yields have partially corrected their earlier rise, following core trends. On the data front, Czech inflation came in at 2.8% yoy in October, in line with consensus and the CNB's forecast (more here: https://bit.ly/CPI_Oct24_EN). Last week's 25 bps cut in the key rate to 4% was again accompanied by hawkish rhetoric from the CNB, not ruling out a pause in the rate-cutting process. Nevertheless, we believe that the weakness of the Czech economy should lead to further rate cuts by the CNB (more here: https://bit.ly/CNB_Nov24_EN).

Rates outlook: We expect the CNB to cut interest rates by 25bp at each monetary policy meeting until May next year, when the repo rate should reach its terminal level of 3%. However, given the continued hawkish comments from the central bank’s board and the potential for higher core inflation next year, the risks to our CNB rate forecast are skewed to the upside.

Today (November 21, 2024) is the last trading day for Moneta shares with the right to an extraordinary dividend of CZK3. The dividend offers a gross yield of +2.4%.

The record date is Monday, November 25. This means that the last trading day for Moneta shares with the right to receive this extra dividend is today. The dividend payout will begin on December 17.

Moneta has already paid a dividend of CZK9 on its 2023 profit this year. Based on its reported results and strong capital position, it has also decided to pay out an extraordinary dividend.

Today (November 21, 2024) is the last trading day for Moneta shares with the right to an extraordinary dividend of CZK3. The dividend offers a gross yield of +2.4%.

The record date is Monday, November 25. This means that the last trading day for Moneta shares with the right to receive this extra dividend is today. The dividend payout will begin on December 17.

Moneta has already paid a dividend of CZK9 on its 2023 profit this year. Based on its reported results and strong capital position, it has also decided to pay out an extraordinary dividend.