{"id":85628,"date":"2026-05-14T15:15:07","date_gmt":"2026-05-14T15:15:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/85628\/"},"modified":"2026-05-14T15:15:07","modified_gmt":"2026-05-14T15:15:07","slug":"win-win-nebo-drahy-dluh-schillerova-obnovila-lidove-dluhopisy-inflacni-sok-nuti-vysedet","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/85628\/","title":{"rendered":"Win-win, nebo drah\u00fd dluh? Schillerov\u00e1 obnovila lidov\u00e9 dluhopisy, infla\u010dn\u00ed \u0161ok nut\u00ed vysed\u011bt"},"content":{"rendered":"

Od tis\u00edcovky po t\u0159i miliony korun mohou od \u010dtvrtka tuzem\u0161t\u00ed drobn\u00ed hr\u00e1\u010di investovat do nov\u00e9 v\u00e1rky\u00a0Dluhopis\u016f Republiky<\/a>,\u00a0jejich\u017e parametry p\u0159edstavilo ministerstvo financ\u00ed. T\u0159i typy pap\u00edr\u016f nab\u00eddnou v\u00fdnosy od 3,5 do 4,5 procenta<\/a>,\u00a0p\u0159i\u010dem\u017e investo\u0159i si mohou vybrat mezi pevn\u00fdm ka\u017edoro\u010dn\u00edm v\u00fdnosem a spekulac\u00ed na budouc\u00ed m\u00edru inflace, a tedy i v\u00fd\u0161i \u00farokov\u00fdch sazeb. Prodej bond\u016f men\u0161\u00edm hr\u00e1\u010d\u016fm z\u00e1rove\u0148 za\u010dal soub\u011b\u017en\u011b s jejich p\u0159edstaven\u00edm.\u00a0<\/p>\n

Pevn\u00fd \u00farok p\u011btilet\u00fdch\u00a0dluhopis\u016f<\/a>\u00a0na \u00farovni 4,5 procenta odpov\u00edd\u00e1 m\u00edrn\u00e9 pr\u00e9mii nad aktu\u00e1ln\u00edmi tr\u017en\u00edmi sazbami. Velc\u00ed institucion\u00e1ln\u00ed investo\u0159i moment\u00e1ln\u011b na p\u011bt let inkasuj\u00ed ro\u010dn\u00ed \u00farok 4,74 procenta. \u201ePro st\u00e1t je v\u00fdhodn\u00e9, kdy\u017e \u010d\u00e1st jeho dluh\u016f dr\u017e\u00ed dom\u00e1cnosti, proto\u017ee to posiluje jeho pozici a stabilitu na finan\u010dn\u00edch trz\u00edch. Je to v\u00fdhodn\u00e9 i pro ob\u010dany, kte\u0159\u00ed z\u00edskaj\u00ed bezpe\u010dn\u00fd a atraktivn\u00ed zp\u016fsob zhodnocen\u00ed \u00faspor,\u201c uvedla p\u0159i obnoven\u00ed prodeje na p\u016fd\u011b \u010cesk\u00e9 n\u00e1rodn\u00ed banky ministryn\u011b financ\u00ed Alena Schillerov\u00e1.\u00a0<\/p>\n

Dluhopis Republiky je podle n\u00ed takzvan\u011b win-win projektem pro st\u00e1t i obyvatele. \u201eNevid\u00edm d\u016fvod, pro\u010d by na \u00faroc\u00edch ze st\u00e1tn\u00edho dluhu nemohl profitovat i drobn\u00fd \u010desk\u00fd st\u0159adatel,\u201c dodala Schillerov\u00e1.\u00a0<\/p>\n

Dal\u0161\u00ed emisi pl\u00e1nuje ministerstvo p\u0159ed V\u00e1nocemi. \u201eObjem p\u0159edpokl\u00e1d\u00e1me ve v\u00fd\u0161i deseti miliard korun pro Flexi Bond a po p\u011bti miliard\u00e1ch pro ka\u017ed\u00fd p\u011btilet\u00fd dluhopis, celkem tedy 20 miliard,\u201c uvedla k aktu\u00e1ln\u00ed prvn\u00ed emisi Schillerov\u00e1. Takzvan\u00fd Flexi Bond nab\u00edz\u00ed t\u0159\u00edm\u011bs\u00ed\u010dn\u00ed investici s ro\u010dn\u00edm v\u00fdnosem 3,5 procenta, kter\u00fd se v p\u0159\u00edpad\u011b zv\u00fd\u0161en\u00ed sazeb \u010cNB nav\u00fd\u0161\u00ed na tuto \u00farove\u0148. Zbylou dvojici tvo\u0159\u00ed bond s fixn\u00edm v\u00fdnosem 4,5 procenta a protiinfla\u010dn\u00ed dluhopis, jeho\u017e v\u00fdnos bude vych\u00e1zet z m\u00edry inflace.\u00a0<\/p>\n

Podle ekonom\u016f m\u016f\u017ee p\u0159\u00edpadn\u00e9 z\u00e1jemce odradit fakt, \u017ee ro\u010dn\u00ed \u00faroky se reinvestuj\u00ed do dal\u0161\u00edch dluhopis\u016f, a nevypl\u00e1cej\u00ed se tak pr\u016fb\u011b\u017en\u011b investor\u016fm. \u201eOdm\u011bna za zamknut\u00ed pen\u011bz na p\u011bt let je t\u0159eba z m\u00e9ho pohledu relativn\u011b mal\u00e1,\u201c soud\u00ed portfolio mana\u017eer Cyrrusu Tom\u00e1\u0161 Pfeiler.\u00a0<\/p>\n

Obecn\u011b drah\u00e9 zadlu\u017eov\u00e1n\u00ed<\/p>\n

\u201eNejde \u0159\u00edct, \u017ee by Dluhopis Republiky byl v sou\u010dasn\u00e9 situaci s\u00e1m o sob\u011b nevhodn\u00fdm n\u00e1strojem financov\u00e1n\u00ed. Probl\u00e9m je sp\u00ed\u0161e v tom, \u017ee zadlu\u017eov\u00e1n\u00ed je nyn\u00ed obecn\u011b drah\u00e9,\u201c uv\u00e1d\u00ed expert spole\u010dnosti XTB Ji\u0159\u00ed Tyle\u010dek.\u00a0<\/p>\n

Situace podle n\u011bj z pohledu st\u00e1tu nen\u00ed p\u0159\u00edzniv\u00e1. \u201eV\u00fdnosy desetilet\u00fdch \u010desk\u00fdch st\u00e1tn\u00edch dluhopis\u016f se znovu bl\u00ed\u017e\u00ed p\u011bti procent\u016fm a pohybuj\u00ed se pobl\u00ed\u017e nejvy\u0161\u0161\u00edch \u00farovn\u00ed od roku 2023. Bylo tedy logick\u00e9, \u017ee se aktu\u00e1ln\u00ed v\u00fdnosov\u00e1 mapa trhu musela prom\u00edtnout i do nab\u00eddky pro retailov\u00e9 investory,\u201c dod\u00e1v\u00e1 Tyle\u010dek. Pokud by st\u00e1t p\u0159i\u0161el s podobnou emis\u00ed p\u0159ed rokem, pravd\u011bpodobn\u011b by mu podle Tyle\u010dka sta\u010dilo nab\u00eddnout ni\u017e\u0161\u00ed v\u00fdnos.\u00a0<\/p>\n

Retailov\u00ed investo\u0159i nav\u00edc tradi\u010dn\u011b \u017e\u00e1daj\u00ed za svou p\u016fj\u010dku st\u00e1tu pr\u00e9mii. \u201e\u00darokov\u00e9 sazby jsou u\u017e tak vysok\u00e9 a u dluhopis\u016f pro retail vl\u00e1da obvykle nab\u00edz\u00ed je\u0161t\u011b vy\u0161\u0161\u00ed v\u00fdnos, tak\u017ee pro rozpo\u010det to jsou dal\u0161\u00ed n\u00e1klady nav\u00edc. Nakonec ale v\u017edycky z\u00e1le\u017e\u00ed na fin\u00e1ln\u00edm p\u0159esn\u00e9m na\u010dasov\u00e1n\u00ed, proto\u017ee trhy jsou dnes velmi volatiln\u00ed,\u201c vysv\u011btluje \u0161\u00e9f investic ve spole\u010dnosti Amundi Petr Zaj\u00edc.\u00a0<\/p>\n

Efekt \u00cdr\u00e1nu<\/p>\n

Z\u00e1kladn\u00ed nastaven\u00ed \u00faroku nebylo trivi\u00e1ln\u00ed z\u00e1le\u017eitost\u00ed. St\u00e1le otev\u0159en\u00fd a netransparentn\u00ed konflikt v \u00cdr\u00e1nu toti\u017e neust\u00e1le prom\u011b\u0148uje o\u010dek\u00e1v\u00e1n\u00ed finan\u010dn\u00edch trh\u016f o intenzit\u011b budouc\u00ed inflace. Ta se do \u010ceska jako\u017eto mal\u00e9 a otev\u0159en\u00e9 ekonomiky prakticky p\u0159\u00edmo prop\u00ed\u0161e a pr\u00e1v\u011b jej\u00ed o\u010dek\u00e1van\u00e1 hodnota je z\u00e1sadn\u00ed pro investorsk\u00e9 vyhodnocen\u00ed atraktivity v\u00fdnos\u016f st\u00e1tn\u00edch dluhopis\u016f.\u00a0<\/p>\n

Od po\u010d\u00e1tku konfliktu p\u0159itom infla\u010dn\u00ed o\u010dek\u00e1v\u00e1n\u00ed v\u00fdrazn\u011b vzrostla a vyhnala tak dramaticky v\u00fd\u0161e i \u00faroky po\u017eadovan\u00e9 institucion\u00e1ln\u00edmi investory za p\u016fj\u010dku \u010desk\u00e9mu st\u00e1tu. Posledn\u00ed vlna r\u016fstu se odehr\u00e1la pr\u00e1v\u011b v posledn\u00edch t\u00fddnech p\u0159ed p\u0159edstaven\u00edm Dluhopisu Republiky.\u00a0<\/p>\n

\u201eTr\u017en\u00ed v\u00fdnosy v tuto chv\u00edli op\u011bt rostou, jedn\u00e1 se p\u0159edev\u0161\u00edm o glob\u00e1ln\u00ed trend odpov\u00eddaj\u00edc\u00ed n\u00e1r\u016fstu infla\u010dn\u00edch o\u010dek\u00e1v\u00e1n\u00ed i riziku uta\u017een\u00ed m\u011bnov\u00fdch podm\u00ednek ze strany centr\u00e1ln\u00edch bank,\u201c uv\u00e1d\u00ed portfolio mana\u017eerka Erste Asset Management \u010cR Margarita Sinicyna.\u00a0<\/p>\n

Naposledy si st\u00e1t od lid\u00ed p\u016fj\u010doval v letech 2018 a\u017e 2022, kdy prodal cenn\u00e9 pap\u00edry celkem za 80 miliard korun. Emisi ukon\u010dil exministr financ\u00ed Zbyn\u011bk Stanjura (ODS) z d\u016fvodu tehdej\u0161\u00edho prudk\u00e9ho n\u00e1r\u016fstu inflace. Ta z\u00e1jem o dluhopisy zn\u00e1sobila a razantn\u011b nar\u016fstaj\u00edc\u00ed \u00farokov\u00e9 n\u00e1klady z dluhopis\u016f nav\u00e1zan\u00fdch na v\u00fdvoj cen n\u00e1sledn\u011b za\u010daly t\u00ed\u017eit st\u00e1tn\u00ed rozpo\u010det.\u00a0<\/p>\n

I p\u0159es tento program se \u010desk\u00e9 dom\u00e1cnosti na financov\u00e1n\u00ed dom\u00e1c\u00ed vl\u00e1dy pod\u00edlej\u00ed sp\u00ed\u0161e okrajov\u011b. Jak uv\u00e1d\u00ed b\u0159eznov\u00e1 statistika ministerstva financ\u00ed, drobn\u00ed tuzem\u0161t\u00ed investo\u0159i dr\u017eeli koncem prvn\u00edho \u010dtvrtlet\u00ed leto\u0161n\u00edho roku \u010desk\u00e9 st\u00e1tn\u00ed bondy v objemu kolem 105 miliard korun, co\u017e nicm\u00e9n\u011b p\u0159edstavovalo necel\u00e1 t\u0159i procenta v\u0161ech vydan\u00fdch st\u00e1tn\u00edch dluhopis\u016f.\u00a0<\/p>\n

Rozhoduj\u00edc\u00edmi v\u011b\u0159iteli vl\u00e1dy z\u016fst\u00e1vaj\u00ed dom\u00e1c\u00ed finan\u010dn\u00ed instituce v \u010dele s bankami, kter\u00e9 koncem b\u0159ezna dr\u017eely zhruba 67 procent st\u00e1tn\u00edch dluhopis\u016f, co\u017e odpov\u00eddalo sum\u011b kolem 2,37 bilionu korun.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Od tis\u00edcovky po t\u0159i miliony korun mohou od \u010dtvrtka tuzem\u0161t\u00ed drobn\u00ed hr\u00e1\u010di investovat do nov\u00e9 v\u00e1rky\u00a0Dluhopis\u016f Republiky,\u00a0jejich\u017e parametry…\n","protected":false},"author":2,"featured_media":85629,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[297,26803,67,68,42,2138,686,1099,808,1635,5504,1387,9775,964,11779],"class_list":{"0":"post-85628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-alena-schillerova","9":"tag-amundi","10":"tag-business","11":"tag-byznys","12":"tag-cesko","13":"tag-dluhopis","14":"tag-inflace","15":"tag-investor","16":"tag-iran","17":"tag-konflikt","18":"tag-ministerstvo-financi-ceske-republiky","19":"tag-pujcka","20":"tag-urok","21":"tag-vlada","22":"tag-xtb"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116573590162638877","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85628","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=85628"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/85628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/85629"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=85628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=85628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=85628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}