5/17/2022 5:05 PM
Issuance activity: Tomorrow, MinFin is scheduled
to auction EUR200mil of 2y euro denominated zero-coupon bonds. After first
emission of these bonds in April MinFin therefore aims to reduce borrowing
costs as euro bonds market offers substantially lower yields. In addition to
that, the demand for Czech Eurobonds has been recently supported by the
involvement of the Central Securities Depository of Czech Republic in the
European clearing system operated by the central banks of the euro area
countries. This subsequently allowed Czech euro bonds to be classified as
eligible assets in Eurosystem credit operations. Besides the primary market
auction, MinFin also increased its activity on the secondary market planning to
sell the total amount of CZK1.8bn 4y 6% CZGB in the next two days (CZK4.0bn
in total this week). Given the activity of MinFin on the secondary market,
start-2022 retail bonds issuance and primary auctions, we believe 36,5% this
year’s financing needs will have been covered already including tomorrow’s
auction.
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