{"id":87108,"date":"2026-05-15T22:57:10","date_gmt":"2026-05-15T22:57:10","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/87108\/"},"modified":"2026-05-15T22:57:10","modified_gmt":"2026-05-15T22:57:10","slug":"schillerova-laka-na-dluhopisy-republiky-jsou-stale-tak-vyhodne","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/87108\/","title":{"rendered":"Schillerov\u00e1 l\u00e1k\u00e1 na Dluhopisy Republiky. Jsou st\u00e1le tak v\u00fdhodn\u00e9?"},"content":{"rendered":"

Co je v\u00a0nab\u00eddce?<\/p>\n

V aktu\u00e1ln\u00ed nab\u00eddce<\/a> najdeme t\u0159i r\u016fzn\u00e9 cesty, jak st\u00e1tu p\u016fj\u010dit, p\u0159i\u010dem\u017e ka\u017ed\u00e1 m\u00ed\u0159\u00ed na trochu jin\u00fd typ st\u0159adatele. Hlavn\u00edm l\u00e1kadlem, kter\u00e9 spojuje celou trojici, je da\u0148ov\u00fd \u201eodpustek\u201c. Na rozd\u00edl od bankovn\u00edch vklad\u016f se toti\u017e v\u00fdnosy z\u00a0t\u011bchto st\u00e1tn\u00edch dluhopis\u016f nedan\u00ed.<\/p>\n

Fixn\u00ed st\u00e1tn\u00ed dluhopis p\u0159edstavuje klasiku pro ty, kte\u0159\u00ed maj\u00ed r\u00e1di p\u0159edv\u00eddatelnost. Se splatnost\u00ed p\u011bt let a\u00a0pr\u016fm\u011brn\u00fdm ro\u010dn\u00edm v\u00fdnosem 4,544\u00a0% p. a. p\u0159esn\u011b v\u00edte, na \u010dem jste. V\u00fdnosy se sice p\u0159ipisuj\u00ed a\u00a0reinvestuj\u00ed ka\u017ed\u00fd rok, ale nejzaj\u00edmav\u011bj\u0161\u00ed \u010d\u00e1st \u00faroku je nastavena na posledn\u00ed rok dr\u017een\u00ed. Je to jasn\u00e1 volba pro konzervativn\u00ed investory, kte\u0159\u00ed necht\u011bj\u00ed sledovat pohyby na trz\u00edch a\u00a0sta\u010d\u00ed jim v\u011bdom\u00ed, \u017ee jejich pen\u00edze pracuj\u00ed stabiln\u011bji ne\u017e v\u00a0b\u011b\u017en\u00e9m bankovn\u00edm \u00fastavu.<\/p>\n

\u00daplnou novinkou je Flexi Bond, kter\u00fd funguje jako modern\u00ed alternativa k\u00a0term\u00ednovan\u00fdm vklad\u016fm nebo pokladni\u010dn\u00edm pouk\u00e1zk\u00e1m. M\u00e1 extr\u00e9mn\u011b kr\u00e1tkou splatnost\u00a0\u2013 pouh\u00e9 t\u0159i m\u011bs\u00edce. Startuje na sazb\u011b 3,5\u00a0% p. a., ale obsahuje v\u00a0sob\u011b pojistku: pokud by \u010cesk\u00e1 n\u00e1rodn\u00ed banka zv\u00fd\u0161ila \u00farokov\u00e9 sazby, v\u00fdnos dluhopisu se jim p\u0159izp\u016fsob\u00ed. Po t\u0159ech m\u011bs\u00edc\u00edch se pen\u00edze i\u00a0s \u00farokem automaticky \u201eoto\u010d\u00ed\u201c do dal\u0161\u00ed emise, tak\u017ee m\u00e1te sv\u00e9 \u00faspory neust\u00e1le k\u00a0dispozici bez sankc\u00ed za v\u00fdb\u011br, a\u00a0p\u0159itom \u010derp\u00e1te st\u00e1tn\u00ed \u00farok.<\/p>\n

Nejv\u011bt\u0161\u00ed emoce bud\u00ed n\u00e1vrat Proti-infla\u010dn\u00edho dluhopisu. Ten slibuje, \u017ee va\u0161e \u00faspory neztrat\u00ed kupn\u00ed s\u00edlu, proto\u017ee jeho v\u00fdnos kop\u00edruje meziro\u010dn\u00ed index spot\u0159ebitelsk\u00fdch cen. Aby v\u00e1s ministerstvo motivovalo k\u00a0trp\u011blivosti, p\u0159ihodilo k\u00a0n\u011bmu v\u00a0p\u00e1t\u00e9m roce bonus ve v\u00fd\u0161i 2,5\u00a0% p. a. Zde v\u0161ak naraz\u00edme na ono pov\u011bstn\u00e9 \u201eale\u201c\u00a0\u2013 pokud byste se rozhodli vybrat pen\u00edze p\u0159ed\u010dasn\u011b, st\u00e1t v\u00e1m v\u00fdnos zastropuje na 5\u00a0%. Skute\u010dn\u00e1 ochrana p\u0159ed inflac\u00ed se tak vyplat\u00ed jen t\u011bm, kte\u0159\u00ed jsou ochotni nechat pen\u00edze \u201ev trezoru\u201c cel\u00fdch p\u011bt let.<\/p>\n

Pro\u010d nov\u00e1 nab\u00eddka bledne ve st\u00ednu t\u00e9 minul\u00e9?<\/p>\n

Pokud pat\u0159\u00edte mezi pam\u011btn\u00edky, kte\u0159\u00ed stihli nasko\u010dit do \u201edluhopisov\u00e9ho vlaku\u201c na konci roku 2021, pravd\u011bpodobn\u011b se na aktu\u00e1ln\u00ed podm\u00ednky d\u00edv\u00e1te s\u00a0lehk\u00fdm \u00fa\u0161klebkem. Tehdej\u0161\u00ed 13.\u00a0emise se stala legendou\u00a0\u2013 lid\u00e9 do n\u00ed b\u011bhem jedin\u00e9ho m\u011bs\u00edce nasypali p\u0159es 41\u00a0miliard korun<\/a>. St\u00e1t se tehdy v\u00a0podstat\u011b \u201est\u0159elil do nohy\u201c, kdy\u017e nab\u00eddl ochranu proti inflaci bez horn\u00edho limitu v\u00a0dob\u011b, kdy se ceny utrhly ze \u0159et\u011bzu. V\u00fdsledkem byly pro st\u00e1t extr\u00e9mn\u011b drah\u00e9 \u00faroky p\u0159esahuj\u00edc\u00ed 15\u00a0%, kter\u00e9 z\u00a0dom\u00e1cnost\u00ed ud\u011blaly nej\u00fasp\u011b\u0161n\u011bj\u0161\u00ed investory v\u00a0zemi.<\/p>\n

Ministerstvo financ\u00ed se v\u0161ak ze sv\u00fdch \u201echyb\u201c pou\u010dilo a\u00a0tentokr\u00e1t si dalo dobr\u00fd pozor, aby se podobn\u00e9 miliardov\u00e9 d\u00e1rky ob\u010dan\u016fm neopakovaly. Hlavn\u00edm n\u00e1strojem se stalo striktn\u00ed zastropov\u00e1n\u00ed v\u00fdnosu p\u0159i p\u0159ed\u010dasn\u00e9m v\u00fdb\u011bru. Zat\u00edmco d\u0159\u00edve byl protiinfla\u010dn\u00ed dluhopis v\u00a0podstat\u011b likvidn\u00ed pojistkou, kterou jste mohli kdykoliv beztrestn\u011b ukon\u010dit a\u00a0inkasovat pln\u00fd zisk, dnes je to \u201ev\u0161echno, nebo nic\u201c. Pokud by inflace op\u011bt ne\u010dekan\u011b vyst\u0159elila k\u00a0deseti procent\u016fm a\u00a0vy byste pot\u0159ebovali pen\u00edze d\u0159\u00edve ne\u017e za p\u011bt let, st\u00e1t v\u00e1m vyplat\u00ed maxim\u00e1ln\u011b 5\u00a0%. Skute\u010dnou ochranu tak dostanete jen jako odm\u011bnu za p\u011btiletou v\u011brnost.<\/p>\n

Zm\u011bnil se i\u00a0samotn\u00fd syst\u00e9m bonus\u016f, kter\u00fd je nyn\u00ed mnohem rafinovan\u011bj\u0161\u00ed. D\u0159\u00edv\u011bj\u0161\u00ed pr\u00e9mie byly jasn\u011b \u010diteln\u00e9 a\u00a0rozprost\u0159en\u00e9 v\u00a0\u010dase, ale v\u00a0aktu\u00e1ln\u00ed emisi je motiva\u010dn\u00ed slo\u017eka ve v\u00fd\u0161i 2,5\u00a0% p. a. odsunuta a\u017e na \u00fapln\u00fd konec p\u011btilet\u00e9ho cyklu. Tato \u201epr\u00e9mie za vytrvalost\u201c se p\u0159ipisuje a\u017e v\u00a0p\u00e1t\u00e9m roce jako sou\u010det hodnot nad r\u00e1mec inflace. Ze strany ministerstva je to geni\u00e1ln\u00ed tah: sni\u017euje to administrativn\u00ed z\u00e1t\u011b\u017e a\u00a0riziko, \u017ee lid\u00e9 budou dluhopisy zneu\u017e\u00edvat jako kr\u00e1tkodob\u00fd spekulativn\u00ed n\u00e1stroj. Pro st\u0159adatele to v\u0161ak znamen\u00e1 jedin\u00e9\u00a0\u2013 cesta k\u00a0zaj\u00edmav\u00e9mu zisku je tentokr\u00e1t mnohem del\u0161\u00ed a\u00a0trnit\u011bj\u0161\u00ed.<\/p>\n

Lep\u0161\u00ed ne\u017e dr\u00e1tem do oka<\/p>\n

I p\u0159es ve\u0161kerou kritiku a\u00a0vzpom\u00ednkov\u00fd optimismus na star\u00e9 dobr\u00e9 \u010dasy maj\u00ed nov\u00e9 Dluhopisy Republiky st\u00e1le co nab\u00eddnout. T\u00edm nejsiln\u011bj\u0161\u00edm argumentem z\u016fst\u00e1v\u00e1 da\u0148ov\u00e1 efektivita, kter\u00e1 v\u00a0p\u0159\u00edm\u00e9m souboji se spo\u0159ic\u00edmi \u00fa\u010dty v\u00edt\u011bz\u00ed na body. Zat\u00edmco u\u00a0banky v\u00e1m z\u00a0ka\u017ed\u00e9 koruny zisku st\u00e1t automaticky ukroj\u00ed 15\u00a0% formou sr\u00e1\u017ekov\u00e9 dan\u011b, u\u00a0st\u00e1tn\u00edch dluhopis\u016f z\u016fst\u00e1v\u00e1 v\u00fdnos \u010dist\u00fd. V\u00a0\u0159e\u010di \u010d\u00edsel: pokud v\u00e1m banka sl\u00edb\u00ed \u00farok 4\u00a0%, re\u00e1ln\u011b v\u00e1m na \u00fa\u010dtu p\u0159istane jen 3,4\u00a0%. Naproti tomu st\u00e1tn\u00ed fixn\u00ed dluhopis s\u00a0v\u00fdnosem 4,5\u00a0% v\u00e1m doru\u010d\u00ed cel\u00fdch 4,5\u00a0%. U\u00a0milionov\u00e9 investice takov\u00fd rozd\u00edl \u010din\u00ed tis\u00edce korun ro\u010dn\u011b, kter\u00e9 v\u00e1m z\u016fstanou v\u00a0kapse m\u00edsto toho, aby zmizely v\u00a0propadli\u0161ti finan\u010dn\u00edho \u00fa\u0159adu.<\/p>\n

Dal\u0161\u00edm nezanedbateln\u00fdm faktorem je psychologick\u00fd klid a\u00a0bezpe\u010dnost. V\u00a0dob\u011b, kdy internet zaplavuj\u00ed podvodn\u00e9 investi\u010dn\u00ed platformy slibuj\u00edc\u00ed nere\u00e1ln\u00e9 zbohatnut\u00ed, p\u0159edstavuje \u010desk\u00fd st\u00e1t nejbezpe\u010dn\u011bj\u0161\u00edho dlu\u017en\u00edka, jak\u00e9ho si lze p\u0159edstavit. Riziko nesplacen\u00ed je zde prakticky nulov\u00e9. Nav\u00edc je cel\u00fd proces u\u017eivatelsky velmi p\u0159\u00edv\u011btiv\u00fd. Investovat m\u016f\u017eete u\u017e od symbolick\u00e9 tis\u00edcovky a\u00a0d\u00edky Identit\u011b ob\u010dana vy\u0159\u00edd\u00edte n\u00e1kup kompletn\u011b online ze sv\u00e9ho gau\u010de. Odpad\u00e1 tak slo\u017eit\u00e9 pap\u00edrov\u00e1n\u00ed nebo nutnost zakl\u00e1dat si nov\u00e9 \u00fa\u010dty v\u00a0ciz\u00edch bank\u00e1ch.<\/p>\n

\u017d\u00e1dn\u00e1 hitpar\u00e1da, ale poctiv\u00fd p\u0159\u00edstav<\/p>\n

Pokud jste prome\u0161kali \u201ezlat\u00e9\u201c emise z\u00a0konce roku 2021, nezb\u00fdv\u00e1 ne\u017e zam\u00e1\u010dknout slzu. Sou\u010dasn\u00e1 nab\u00eddka ministerstva financ\u00ed je sice v\u00fdrazn\u011b dietn\u011bj\u0161\u00ed a\u00a0mnohem l\u00e9pe hl\u00edd\u00e1 st\u00e1tn\u00ed kasu p\u0159ed p\u0159\u00edli\u0161n\u00fdm rozhazov\u00e1n\u00edm, ale v\u00a0porovn\u00e1n\u00ed s\u00a0t\u00edm, co aktu\u00e1ln\u011b nab\u00edzej\u00ed komer\u010dn\u00ed banky, jde st\u00e1le o\u00a0nadstandardn\u00ed produkt. U\u017e to sice nen\u00ed ten investi\u010dn\u00ed hit, kv\u016fli kter\u00e9mu by padaly servery a\u00a0lid\u00e9 brali \u00fatokem pobo\u010dky, ale jako konzervativn\u00ed slo\u017eka rodinn\u00e9ho portfolia funguj\u00ed nov\u00e9 dluhopisy v\u00fdborn\u011b.<\/p>\n

Zah\u00e1jen\u00ed prodeje: 14. 5. 2026Konec objedn\u00e1vek: 28. 6. 2026Datum vyd\u00e1n\u00ed dluhopis\u016f: 15. 7. 2026<\/p>\n

St\u00e1tn\u00ed dluhopis u\u017e zkr\u00e1tka nen\u00ed cestou k\u00a0rychl\u00e9mu zbohatnut\u00ed na \u00fakor st\u00e1tu, ale z\u016fst\u00e1v\u00e1 solidn\u00edm n\u00e1strojem pro ochranu hodnoty pen\u011bz.<\/p>\n

Anketa<\/p>\n

Zva\u017eujete koupi st\u00e1tn\u00edch dluhopis\u016f?<\/p>\n

Ano, po\u0159\u00edd\u00edm si fixn\u00ed st\u00e1tn\u00ed dluhopis<\/p>\n

Ano, po\u0159\u00edd\u00edm si flexi bond<\/p>\n

Ano, po\u0159\u00edd\u00edm si proti-infla\u010dn\u00ed dluhopis<\/p>\n

Nejsp\u00ed\u0161 ano, ale je\u0161t\u011b nev\u00edm, kter\u00fd<\/p>\n

Ne, nep\u0159ipad\u00e1 mi to ji\u017e v\u00fdhodn\u00e9<\/p>\n

Celkem
\n\t\t\t\thlasovalo
\n\t\t\t\t50
\n\t\t\t\t\u010dten\u00e1\u0159\u016f.<\/p>\n","protected":false},"excerpt":{"rendered":"Co je v\u00a0nab\u00eddce? V aktu\u00e1ln\u00ed nab\u00eddce najdeme t\u0159i r\u016fzn\u00e9 cesty, jak st\u00e1tu p\u016fj\u010dit, p\u0159i\u010dem\u017e ka\u017ed\u00e1 m\u00ed\u0159\u00ed na trochu…\n","protected":false},"author":2,"featured_media":87109,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[297,67,68,3903,26742,686,69,1384,1016,3737,15494,562],"class_list":{"0":"post-87108","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-alena-schillerova","9":"tag-business","10":"tag-byznys","11":"tag-dluhopisy","12":"tag-dluhopisy-republiky","13":"tag-inflace","14":"tag-investice","15":"tag-ministerstvo-financi-mfcr","16":"tag-nazor","17":"tag-statni-dluh","18":"tag-uroky","19":"tag-vlada-andreje-babise"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116581069078558141","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/87108","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=87108"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/87108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/87109"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=87108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=87108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=87108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}