Latest comment from financial markets

CZGB Auction Preview,Fixed Income: Pre-financing keeps MinFin in comfortable position heading into Q4

19/09/2023 14:51

Issuance activity: Tomorrow, MinFin is scheduled to auction CZK5.0bn of 7y bonds, CZK5.0bn of 9y bonds and CZK3.0bn of 11y bonds. Last week's solo floater auction saw weaker demand than earlier floater auctions this year, with a bid-to-cover ratio of 1.5. So far this year, a total of CZK312.0bn worth of bonds had been sold in auctions, while the MinFin also carried out (mostly switch) operations on the secondary market in the amount of CZK76.4bn. From this perspective, it is so far succeeding in fulfilling the set plan, which envisages the issuance of CZK400-500bn of CZGBs this year. We estimate that after tomorrow's auction (which is the last auction of Q3), around 85% of the full-year CZGB issuance will be covered, keeping MinFin ahead of the aliquot fulfilment.

Autor: Jaromír Gec Show more

Latest comment from the equity market

Results Preview: PMCR: Year-on-year growth due to transition to smoke-free products

22/09/2023 14:41

Expected results: Tobacco products manufacturer Philip Morris CR (PMCR) is expected to post a +10.3% yoy increase in total revenues to CZK10.8bn in the first half of this year. We expect the growth to be driven by higher sales of smoke-free units combined with higher prices for conventional products. Net profit should therefore be slightly higher at CZK1.9bn (+1.1% yoy).

Autor: Bohumil Trampota Show more