8/9/2022 2:16 PM
Issuance activity: Tomorrow, MinFin is
scheduled to auction CZK6.0bn of 6y bonds, CZK5.0bn of 8y bonds and CZK3.0bn of
9y floaters. Since the last auction, MinFin presented
its updated budget proposal for 2022. However, not all of its details and
assumptions have been made available already (especially the new macroeconomic
forecast of MinFin). As a result, we still expect this year’s state budget
deficit to end up slightly lower (CZK320.0bn) than MinFin expects (CZK330.0bn).
We believe that roughly 68% of this year’s financing needs will have been
covered after tomorrow’s auction.
8/9/2022 10:22 AM
CEZ reported its results for the second quarter of the year today. They rose substantially year-on-year. EBITDA profit rose 34% to CZK15.6bn and net profit rose 137% to CZK6.9bn. CEZ raised its full-year EBITDA and net profit targets for the second time this year.