Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2034 bonds, CZK3.0bn of 2035 bonds and CZK2.0bn of 2037 bonds. MinFin has indicated that it will postpone the publication of its 2H26 Funding and Debt Management Strategy until 17 July to fully capture the subscription period for retail bonds which ends on 28 June. As of 27 May the demand for new retail bonds exceeded CZK50.0bn, of which CZK27.5bn was fixed-coupon bonds, CZK15.4bn was 3M 'flexi-bonds', and CZK7.2bn was retail inflation-linked bonds. Consequently, given that we have increased our full-year retail issuance assumption to CZK100bn, we have also reduced our forecast for this year’s gross market CZGB issuance to ~CZK370bn. Overall, with CZK139.5bn issued on the primary market and CZK94.6bn on the secondary market YTD, the issuance pace may slow somewhat in 2H26 before picking up in 2027 due to a deeper budget deficit and higher redemptions.

Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2034 bonds, CZK3.0bn of 2035 bonds and CZK2.0bn of 2037 bonds. MinFin has indicated that it will postpone the publication of its 2H26 Funding and Debt Management Strategy until 17 July to fully capture the subscription period for retail bonds which ends on 28 June. As of 27 May the demand for new retail bonds exceeded CZK50.0bn, of which CZK27.5bn was fixed-coupon bonds, CZK15.4bn was 3M 'flexi-bonds', and CZK7.2bn was retail inflation-linked bonds. Consequently, given that we have increased our full-year retail issuance assumption to CZK100bn, we have also reduced our forecast for this year’s gross market CZGB issuance to ~CZK370bn. Overall, with CZK139.5bn issued on the primary market and CZK94.6bn on the secondary market YTD, the issuance pace may slow somewhat in 2H26 before picking up in 2027 due to a deeper budget deficit and higher redemptions.

Market situation: CZK IRS rates were paid intensively last week due to increasing bets on a June rate hike by the CNB and total of almost 4 hikes in 1y horizon implied by the market. However, with Czech inflation easing to 2.1% yoy in May according to CZSO flash release and core likely declined to 2.7-2.8% yoy on our estimate, there is no imminent pressure on the CNB to act immediately. Meanwhile, the media quarantine prior to the 18 June meeting begins on Thursday, while the CNB has remained silent on monetary policy for the past three weeks. This ambiguity suggests that the upcoming meeting will probably be a lively one. 

Rates outlook: We still expect the CNB to keep the rates on hold at next Thursday’s meeting, although a rate hike in line with the likely decision of the ECB this week and the CNB’s own forecast cannot be ruled out. The next moves are primarily conditional on the development of core inflation and, hence, the second-round effects of the oil price shock, which depend on the duration of the Middle East crisis.

As of today, Friday, June 5, 2026, Philip Morris ČR shares are trading ex-dividend from profits earned in 2025.

At the Annual General Meeting on May 29, 2026, shareholders approved a dividend of CZK1,100 per share. This corresponds to the distribution of all net profits from 2025.

The dividend offers a gross yield of +5.6%.

As of today, Friday, June 5, 2026, Philip Morris ČR shares are trading ex-dividend from profits earned in 2025.

At the Annual General Meeting on May 29, 2026, shareholders approved a dividend of CZK1,100 per share. This corresponds to the distribution of all net profits from 2025.

The dividend offers a gross yield of +5.6%.