Analýza českého dluhopisového trhu

Abstract

The bonds represent a widespread sort of securities. An important measure is the amount of periodic interest payments that an issuer is obliged to. That amount is the same as for other securities based on the exposure for an investor which he incurs. It is therefore important to analyze all available options before an inclusion in a bond portfolio. The goal of the thesis is to analyze the bond market in the Czech Republic since its inception in 1993 until the present and to determine a profitability of investing in Czech bonds. Czech bond market has undergone many changes since its inception in 1993, both in the form of amendment legislation and the traded quantity or number of issues which has had rather decreasing tendency in last five years. The decrease has been due to efforts to reduce state debt, which has resulted in decline in trading volume in Czech government bonds, and thus the overall market. Czech bond market can offer the least revenue in terms of bond emissions compared with Slovakia, Poland and Hungary. On the other hand, from the standpoint of risk the Czech Republic has a very positive rating, and therefore the Czech bonds are more suitable, in comparison with others, for conservative investors who prefer financial security rather than profit.