{"id":20219,"date":"2026-03-10T17:52:09","date_gmt":"2026-03-10T17:52:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/20219\/"},"modified":"2026-03-10T17:52:09","modified_gmt":"2026-03-10T17:52:09","slug":"schillerova-reaguje-na-iransky-konflikt-vyda-mene-dluhopisu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/20219\/","title":{"rendered":"Schillerov\u00e1 reaguje na \u00edr\u00e1nsk\u00fd konflikt. Vyd\u00e1 m\u00e9n\u011b dluhopis\u016f"},"content":{"rendered":"<p class=\"e_bK\">V reakci na aktu\u00e1ln\u00ed v\u00fdvoj na sv\u011btov\u00fdch trz\u00edch Ministerstvo financ\u00ed v\u00fdrazn\u011b sn\u00ed\u017eilo objem dluhopis\u016f, kter\u00e9 ve st\u0159edu nab\u00eddne k\u00a0prodeji. Zareagovalo t\u00edm na vysok\u00fd n\u00e1r\u016fst v\u00fdnos\u016f, kter\u00e9 v\u00a0pond\u011bl\u00ed p\u0159es\u00e1hly p\u011bt procent. Dnes se v\u00fdnosy desetilet\u00fdch st\u00e1tn\u00edch dluhopis\u016f \u010ceska pohybuj\u00ed kolem 4,7\u00a0procenta, st\u00e1le znateln\u011b v\u00fd\u0161 ne\u017e v\u00a0minul\u00fdch t\u00fddnech i\u00a0m\u011bs\u00edc\u00edch.<\/p>\n<p class=\"e_bK\">Vy\u0161\u0161\u00ed v\u00fdnos znamen\u00e1, \u017ee si \u010desk\u00fd st\u00e1t p\u016fj\u010duje dr\u00e1\u017e. Loni zaplatil na \u00faroc\u00edch ze st\u00e1tn\u00edho dluhu 98\u00a0miliard korun.<\/p>\n<p class=\"e_bK\">\u201eCelosv\u011btov\u00e9 dluhopisov\u00e9 trhy jsou p\u0159irozen\u011b poznamen\u00e1ny poklesem cen aktiv na Bl\u00edzk\u00e9m v\u00fdchod\u011b a\u00a0\u010cesk\u00e1 republika nen\u00ed v\u00fdjimkou. Pozitivn\u00ed je, \u017ee n\u00e1r\u016fst p\u0159ir\u00e1\u017eky \u010desk\u00fdch bond\u016f je ni\u017e\u0161\u00ed ne\u017e n\u00e1r\u016fst u\u00a0srovnateln\u00fdch ekonomik mimo euroz\u00f3nu,\u201c uvedl pro Seznam Zpr\u00e1vy mluv\u010d\u00ed ministerstva Filip B\u011bhal.<\/p>\n<p class=\"e_bK\">\u201eP\u0159esto Ministerstvo financ\u00ed vyu\u017eije v\u00fdhodn\u00e9ho p\u0159edfinancov\u00e1n\u00ed v\u00a0prvn\u00edch dvou m\u011bs\u00edc\u00edch tohoto roku a\u00a0co se t\u00fd\u010de pl\u00e1novan\u00e9 st\u0159ede\u010dn\u00ed aukce, operativn\u011b sn\u00ed\u017e\u00ed celkovou jmenovitou hodnotu nab\u00edzen\u00fdch dluhopis\u016f,\u201c dodal.<\/p>\n<p class=\"e_bK\">Za prvn\u00ed dva m\u011bs\u00edce v\u00a0sou\u010dtu prim\u00e1rn\u00edho a\u00a0sekund\u00e1rn\u00edho trhu prodalo ministerstvo dluhopisy za t\u00e9m\u011b\u0159 110\u00a0miliard korun. St\u00e1t se tak \u201ep\u0159edz\u00e1sobil\u201c a\u00a0m\u00e1 na leto\u0161ek spolehliv\u00fd finan\u010dn\u00ed pol\u0161t\u00e1\u0159. Pl\u00e1novan\u00fd schodek rozpo\u010dtu vl\u00e1dy Andreje Babi\u0161e je aktu\u00e1ln\u011b 310\u00a0miliard korun.<\/p>\n<p>Pl\u00e1n zhubl o\u00a0p\u016flku<\/p>\n<p class=\"e_bK\">\u201eB\u0159eznov\u00fd auk\u010dn\u00ed kalend\u00e1\u0159 st\u00e1tn\u00edch dluhopis\u016f byl co do indikovan\u00e9ho objemu zredukov\u00e1n na polovinu (z celkem 20\u00a0na 10\u00a0miliard korun). Z\u00edt\u0159ej\u0161\u00ed aukce byla zmen\u0161ena z\u00a0dev\u00edti\u00a0miliard na p\u011bt\u00a0miliard korun, p\u0159i\u010dem\u017e byl \u00fapln\u011b vypu\u0161t\u011bn nejdel\u0161\u00ed cenn\u00fd pap\u00edr (se splatnost\u00ed v\u00a0roce 2036) a\u00a0m\u00edsto n\u011bj bude nab\u00eddnut dluhopis s\u00a0variabiln\u00ed sazbou, kter\u00fd m\u011bl p\u0159ij\u00edt na \u0159adu a\u017e za t\u00fdden,\u201c uvedl pro Seznam Zpr\u00e1vy ekonom Komer\u010dn\u00ed banky Jarom\u00edr Gec.<\/p>\n<p class=\"e_bK\">Podle n\u011bj je vzhledem k \u201ebezprecedentn\u00ed volatilit\u011b na dluhopisov\u00fdch trz\u00edch z\u00a0posledn\u00edch dn\u00ed a\u00a0v\u010derej\u0161\u00edmu a\u017e panick\u00e9mu n\u00e1r\u016fstu v\u00fdnos\u016f rozhodnut\u00ed emisi sn\u00ed\u017eit naprosto pochopiteln\u00e9\u201c.<\/p>\n<p><a data-dot=\"mol-article-card-media\" aria-hidden=\"true\" tabindex=\"-1\" href=\"https:\/\/www.seznamzpravy.cz\/clanek\/ekonomika-byznys-rozhovory-s-poplatky-pujdete-dolu-vzkazuje-schillerova-penzijnim-fondum-301060\" class=\"e_m h_mi\" rel=\"nofollow noopener\" target=\"_blank\"><img fetchpriority=\"high\" height=\"1968\"   width=\"3500\" src=\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/03\/ff37.jpeg\" loading=\"eager\" decoding=\"sync\" class=\"e_U e_S\"\/><\/a><\/p>\n<p class=\"e_bK\">Situace na trz\u00edch se oproti pond\u011bl\u00ed ji\u017e m\u00edrn\u011b zklidnila. Ropa zlevnila z\u00a0vrcholu bl\u00edzko 120\u00a0dolar\u016f za barel zhruba k\u00a090\u00a0dolar\u016fm, a\u00a0to po ve\u010dern\u00edm vystoupen\u00ed americk\u00e9ho prezidenta Donalda Trumpa, v\u00a0n\u011bm\u017e nazna\u010dil, \u017ee by konflikt na Bl\u00edzk\u00e9m v\u00fdchod\u011b mohl brzy skon\u010dit.<\/p>\n<p class=\"e_bK\">\u201eSestupnou korekci korunov\u00fdch tr\u017en\u00edch sazeb (a v\u00fdnos\u016f) patrn\u011b podpo\u0159ilo i\u00a0vyj\u00e1d\u0159en\u00ed Jakuba Seidlera z\u00a0\u010cesk\u00e9 n\u00e1rodn\u00ed banky (\u010cNB), kter\u00fd uvedl, \u017ee debata o\u00a0zp\u0159\u00eds\u0148ov\u00e1n\u00ed m\u011bnov\u00e9 politiky je podle n\u011bj p\u0159ed\u010dasn\u00e1. Trhy p\u0159itom v\u00a0posledn\u00edch dnech za\u010daly pom\u011brn\u011b siln\u011b s\u00e1zet pr\u00e1v\u011b na zvy\u0161ov\u00e1n\u00ed sazeb \u010cNB je\u0161t\u011b v\u00a0leto\u0161n\u00edm roce,\u201c dodal Gec.<\/p>\n<p class=\"e_bK\">Pokud by byla popt\u00e1vka na st\u0159ede\u010dn\u00ed aukci siln\u00e1, m\u016f\u017ee Ministerstvo financ\u00ed nakonec prodat i\u00a0vy\u0161\u0161\u00ed ne\u017e indikovan\u00fd objem bond\u016f. To koneckonc\u016f b\u00fdv\u00e1 sp\u00ed\u0161e pravidlem ne\u017e v\u00fdjimkou.<\/p>\n","protected":false},"excerpt":{"rendered":"V reakci na aktu\u00e1ln\u00ed v\u00fdvoj na sv\u011btov\u00fdch trz\u00edch Ministerstvo financ\u00ed v\u00fdrazn\u011b sn\u00ed\u017eilo objem dluhopis\u016f, kter\u00e9 ve st\u0159edu nab\u00eddne&hellip;\n","protected":false},"author":2,"featured_media":20220,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[67,68,3903,9623,1384,3737],"class_list":{"0":"post-20219","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-business","9":"tag-byznys","10":"tag-dluhopisy","11":"tag-koruna-ceska-kc","12":"tag-ministerstvo-financi-mfcr","13":"tag-statni-dluh"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116206157561111454","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/20219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=20219"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/20219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/20220"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=20219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=20219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=20219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}