Banks were the performers of the day after heavy oversubscription of the Raiffeisen IPO, an Eastern European banking subsidiary of RZB. The deal was almost 22x oversubscribed and priced at the upper part of the pricing range; its debut on the Vienna Stock Exchange is today. Raiffeisen International was indicated at 13% above the subscription price. Komercni banka traded in good volume with strong involvement from international accounts; we expect active trading ahead of the Komercni AGM this week. Komercni will announce the 2004 dividend - we expect CZK 100 per share but believe Komercni may surprise the market with as much as double that amount. Cesky Telecom continues to trade in a narrow range. The Q1 earnings season kicks off this week with Cesky Telecom being the first to report on Wednesday.