Czech bonds fell yesterday, as they tracked core markets. The long end of the yield
curve rose the most, while the front end and the belly was little changed. Nevertheless, the whole curve rose less than German yields, because the market is still bullish and investors buy on any dip lower. That was even the description for yesterday’s development of the market. The market keeps ignoring a political development. Today the mood might not change. Investors may watch German Bunds as usual, but they may not be ready to sell even if the core markets continue to go down.