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CEE MARKETS-Czech bonds mixed ahead of auction, bucking regional gains
2017年3月22日 / 下午2点57分 / 6 个月前

CEE MARKETS-Czech bonds mixed ahead of auction, bucking regional gains

    * Czech gov't cuts bond auction to prevent rise in yields
    * Czech crown retreats in forward contracts implied rates
    * Skoda Auto says it does not expect big crown swings
    * Polish equities lead retreat amid Trump stimulus doubt

 (Adds Czech auction, Skoda Auto comments)
    By Sandor Peto and Robert Muller
    BUDAPEST/PRAGUE, March 22 (Reuters) - Central European
government bond yields and stocks mostly fell on Wednesday,
tracking global markets, as doubts grew over U.S. President
Donald Trump's plans to stimulate the economy.
    The Czech government, meanwhile, cut offers at a bond
auction to stem a rise in yields.
    Prague has stepped up debt sales to benefit from relatively
low yields before a possible rise after the central bank (CNB)
abandons its cap on the crown's value, which has kept
it weaker than 27 to the euro since late 2013.  
    Short-term Czech yields dipped below safe-haven Bund yields
early this year amid speculation that the crown could surge
after its cap is removed.
    That expectation was later reduced by warnings from the CNB
that the crown had got significantly overbought. Investors are
uncertain over the crown's short-term movements and some of them
fear significant swings.
    Volkswagen unit Skoda Auto, the Czech Republic's
biggest company and exporter, does not expect big crown
movements.
    "It is not so good if it fluctuates up and down like crazy
... but nobody anticipates that," board member Klaus-Dieter
Schurmann told Reuters.
    Speculation for a firming returned this week, pushing down
the crown's euro exchange rate implied in three-month forward
contracts to its strongest levels since 2013.
    The implied rate gave up some ground by Wednesday.
    Czech bonds offered at the auction were oversubscribed, but
the prospect of strong supply weighed on prices.
    The government sold 4.09 billion crowns worth of zero-coupon
three-year bonds, cutting its 5 billion crown offer, to prevent
a rise in the maximum yield above zero.
    In the secondary market, Czech bonds were mixed while yields
in Hungary and Poland declined.
    The yield on two-year Czech bonds, often bought in the past
by foreigners betting on a crown surge, dropped 1 basis point,
but at -0.41 percent it was near five-week highs. The yield on
five-year debt rose 5.9 basis points to 0.237 percent.
    Poland's 10-year yield dropped 10 basis points to 3.59
percent and Hungary's corresponding yield was lower by 15 basis
points from Tuesday's fixing, at 3.47 percent.
    "Some future cross flows into Czech debt are possible, but I
do not expect any significant impact here," one Budapest-based
fixed income trader said.
    Polish equities, which led a regional rally earlier this
year, led Wednesday's retreat, with Warsaw's blue-chip index
 dropping 2 percent by 1427 GMT.
    The zloty eased 0.1 percent against the euro. The
leu was steady, off its weakest levels since mid-2013,
which it reached on Tuesday amid concern over an expected rise
in the Romanian budget deficit.
    
              CEE        SNAPS   AT  1527          
              MARKETS    HOT    CET           
                         CURRENCIES                
                         Lates  Previ  Daily  Chang
                         t      ous           e
                         bid    close  chang  in
                                       e      2017
 Czech crown             27.02  27.02   +0.0  -0.05
                            00     05     0%      %
 Hungary                 308.9  308.4  -0.16  -0.03
 forint                    200    250      %      %
 Polish                  4.282  4.277  -0.12  2.83%
 zloty                       7      5      %  
 Romanian                4.557  4.558   +0.0  -0.50
 leu                         9      6     1%      %
 Croatian                7.410  7.406  -0.05  1.96%
 kuna                        0      0      %  
 Serbian                 123.8  123.9   +0.0  -0.40
 dinar                     500    400     7%      %
 Note: daily  calculate  previ  close  1800        
 change       d from     ous    at     CET    
                         STOCK                     
                         S                    
                         Lates  Previ  Daily  Chang
                         t      ous           e
                                close  chang  in
                                       e      2017
 Prague                  976.9  982.7  -0.59   +6.0
                             0      2      %     0%
 Budapest                31730  32044  -0.98  -0.85
                           .86    .13      %      %
 Warsaw                  2208.  2252.  -1.97   +13.
                            27     57      %    37%
 Bucharest               7975.  7974.   +0.0   +12.
                            71     92     1%    57%
 Ljubljana               792.9  799.6  -0.84   +10.
                             0      1      %    49%
 Zagreb                  2091.  2132.  -1.96   +4.8
                            20     91      %     3%
 Belgrade     <.BELEX15  745.8  747.2  -0.19   +3.9
              >              8      9      %     7%
 Sofia                   636.9  639.3  -0.38   +8.6
                             0      2      %     1%
                         BONDS                     
                         Yield  Yield  Sprea  Daily
                                       d      
                         (bid)  chang  vs     chang
                                e      Bund   e in
 Czech                                        sprea
 Republic                                     d
   2-year     <CZ2YT=RR  -0.40  -0.00   +035   +2bp
              >              9      9    bps      s
   5-year     <CZ5YT=RR  0.237  0.059   +056   +9bp
              >                          bps      s
   10-year    <CZ10YT=R   1.01  -0.03   +060   +2bp
              R>                         bps      s
 Poland                                            
   2-year     <PL2YT=RR  2.076  -0.04   +284  -2bps
              >                     8    bps  
   5-year     <PL5YT=RR  2.968  -0.07   +329  -5bps
              >                     7    bps  
   10-year    <PL10YT=R  3.595  -0.10   +319  -5bps
              R>                    3    bps  
              FORWARD    RATE   AGREEMENT          
                         3x6    6x9    9x12   3M
                                              inter
                                              bank
 Czech Rep            <   0.29   0.32    0.4      0
              PRIBOR=>                        
 Hungary              <   0.29   0.38   0.52   0.22
              BUBOR=>                         
 Poland               <  1.752  1.787   1.83   1.73
              WIBOR=>        5      5         
 Note: FRA    are for                              
 quotes       ask                             
              prices                          
 

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