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- 10/27/2020 4:19 PMCzech Economic Outlook: Lockdown version 2.0
- 7/28/2020 1:05 PMCzech Economic Outlook: Economy breathing but fitness is a long way off
- 6/1/2020 2:42 PMCzech Economic Outlook: Stop to the Virus, Back to the Normal
Short-term recommendations
- 11/27/2020 2:57 PMCeska zbrojovka Group SE (Buy, 12m target = CZK357): Largest Czech firearms manufacturer poised to benefit from growing US market
- 7/23/2020 8:29 AMCompany analysis: CEZ: We keep our BUY recommendation and adjust the 12m target price to CZK621
- 11/12/2019 12:34 PMCompany notes: CME (Hold, 12m target = no price) - We downgrade our recommendation to Hold due to the deal between PPF and CME
- 10/29/2019 2:37 PMCompany analysis: MONETA Money Bank (Buy, 12m target = CZK97) - Digitalisation bears fruits – we confirm our Buy recommendation
- 8/30/2019 8:57 AMCompany analysis: Avast (Buy, 12m target = GBp466) - New business opportunities allow another growth
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Related commentary and analysis
Fixed Income: What to expect from CZGBs in 2021?
1/14/2021 9:54 AM
The state budget law for this year does not include the significant cut in personal income tax approved just before year-end. Therefore, in the coming months, the government will present a new proposal that will imply higher CZGB issuance. In our view, this year's public finance deficit will prove similar to last year’s, as will net CZGB issuance. Due to the high expected CZGB supply and heavy redemption calendar, ASW seasonality will be amplified in 1H. The deterioration in public finances keeps alive the risk of a rating outlook downgrade. In the middle of the year, we will find out whether the Czech Republic will again be included among the developed economies in the GBI index family, and if it is, this would likely mean a significant outflow from the bond market. Domestic banks will likely remain the main buyer of CZGBs, to the detriment of foreign investors. We recommend selling the CZGB 2031 in ASW.
Autor: František TáborskýAll data included on KB Investment Banking website are for information purposes only. Komerční banka, a. s., does not vouch for the correctness and completeness of any information available on this site and cannot be held responsible for any damages.
Other commentaries
- 1/14/2021 9:54 AMFixed Income: What to expect from CZGBs in 2021?
- 1/13/2021 2:02 PMIndicator Analysis: Czech retail sales were hit hard by the closure of shops
- 1/13/2021 12:58 PMIndicator Analysis: Inflation is hampered by cheaper food, with core inflation remaining high
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