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The Czech bonds slightly fell on Friday

14.3.2005 9:34
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The Czech bonds slightly fell on Friday, the yields rose some 5 bps at the mid and the end of the curve. The market was little changed for the most of the day, they made all their losses at the end of the session, when US treasuries fell. It spurred some foreign investors to sell Czech bonds. Thus Czech bonds fell more than their German peers in the end. The key Friday’s information was that the Finance Ministry sold its new eurobond issue (4.125%/2020) at 10 bps over respective IRS. That’s less than 10-year Czech eurobond reached last year, when Czech republic started with eurobonds. The issue was strongly oversubscribed, but the ministry decided not to raise initial amount of EUR 1 bn. The euro-financing of the government debt is at the moment more expensive than the koruna-financing.

Today the calendar is busy, especially the PPI figure might have been interesting for the bond market. The 0.2 % rise is a touch above the market consensus, hence it should be neutral for the market. Moreover, it should not affect the central bank in its decision on the monetary policy at the end of the month. Nevertheless, we do not expect domestic market may decouple from the core markets today. The front end of the Hungarian yield curve was positively affected by surprisingly low CPI figures on Friday. Hence, bond yields up to 1Y maturity fell by around 4 bps, while othre segments of the curve remained virtually unchanged ahead of the long weekend.

(CSOB - Investment research)

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