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.
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).