Czech Republic sells EUR 166mn in 2019, 2028 bonds, yields mixed

By bne IntelliNews July 25, 2013

The Czech finance ministry sold CZK 4.3bn (EUR 166mn) in 2019 and 2028 government bonds at an auction on July 24, well below the maximum planned amount of CZK 8bn, the central bank said.

The ministry sold CZK 1.9bn of the 6.8-year bonds that carry a fixed annual coupon of 1.5% and mature on October 29, 2019, down from CZK 4bn sold at the previous auction of the paper held on June 12. This was the sixth tranche of the issue. Investors’ demand weakened to CZK 6.8bn from CZK 7.1bn at the June auction. The average yield slightly eased to 1.673% from 1.697%.

The ministry also sold CZK 2.39bn of the 15.5-year bonds that mature on August 25, 2028 and carry a coupon of 2.5%, up from CZK 1.2bn sold at the previous auction also held on June 12. This was the fourth tranche of the issue that produced an average yield of 2.875%, up from 2.827% at the June auction. Investors placed CZK 2.2bn worth of bids providing a 1.6 bid-to-cover ratio, down 1.8 at the June sale. The ministry was planning to sell between CZK 1bn and CZK 4bn in each of the two issues.

The ministry plans to offer bonds with a maximum nominal value of CZK 40bn in the third quarter of 2013, down from CZK 50bn planned for the second quarter.

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