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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CZECHIA
- In the past two years, we have seen that Czech financials stocks have been significantly more sensitive to ST bond yields than the traditional 'yield curve'.
- The aggressive tightening cycle from CNB has pushed the 2Y yield above the 3.5% level this week, currently trading at its highest level since March 2009.
- Czech financial equities’ valuation has now doubled since its low reached in March 2020, while the 2Y is up nearly 360bps in the past 18 months.
- The chart below shows the strong divergence between Czech financial equities, which keep reaching new highs, and the 2Y10Y yield curve, which keeps testing new lows (currently trading at around -70bps).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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