01/07/2025 15:37
Issuance activity: Tomorrow, MinFin is scheduled to
auction CZK5.0bn of 2034 bonds and CZK2.0bn of 2038 floaters. In July
MinFin indicates to supply CZK24.0bn of CZGBs in total, which is slightly above
ytd average of CZK21.3bn. Nevertheless, issuance calendar volumes are not
binding and MinFin has sold around 40 % higher volume of CZGBs in primary
auctions than indicated ytd. As for the CZGB supply in 2H25, it is, in our
view, unlikely to decrease meaningfully compared to 1H25. In1H25 MinFin has
issued CZK181.3bn in primary auctions and an additional CZK10.4bn and EUR250mn
in the secondary market thus far this year. MinFin’s update of the Strategy
states that in 2H25 it plans to issue CZK150-250bn, which is consistent to the
full-year plan of CZK350-450bn in the previous strategy published in January.
03/07/2025 09:08
Kofola is ex-dividend today, Thursday, July 3,
2025. At the
general meeting, shareholders approved a payout of CZK21 per share.
However, the dividend payment will be reduced by an advanced dividend of
CZK7.50, which was distributed in October 2024. The difference
between the two, i.e. CZK13.50 per share, will be paid out. The total dividend corresponds to an almost 90%
payout of the previous year's adjusted net profit. The dividend of CZK13.50
offers a gross yield of 2.5% (the total dividend of CZK21 corresponds to a
yield of 3.9%). The record date is July 4, 2025.
With standard settlement (T+2), today is the first day that shareholders no
longer have the right to receive the CZK 13.50 dividend. The share price
usually falls by the amount of the dividend on the ex-dividend date. Payments will start on August 11, 2025.