Bonds

A bond is an investment instrument – a security representing a debt obligation. Usually, bonds are long-term credit securities with a fixed maturity. The bond’s owner is entitled to receive installments of the amount owed in nominal value and to receive payment of bond revenues as at a defined date. The bond issuer is, on the other hand, obligated to pay the nominal value of the bond plus the applicable interest rate. The nominal value is repaid either in one payment as at a predefined date or in installments spread over several dates.

Based on basic criteria, bonds fall into the following categories:

• bonds with a fixed interest rate, floating interest rate or zero coupon.
• bearer bonds, order bonds or registered bonds.

The Exchange allows trading with a variety of types of bonds (state, mortgage, corporate, bank and municipal).

The following types of trades may be concluded with individual bond issues:

• Automatic trades – auction regime
• Automatic trades – continual regime
• Block trades

Bond prices are stated as a percentage of face value.
Trading volume is published including accrued interest income (AUV) as of the settlement date.

Bond reference prices

On 1 June 1997, on the basis of an agreement with members of the Czech Bond Dealers Club (Český klub obchodníků s dluhopisy), the Exchange became the guarantor of the bond market. On the basis of quotes (purchase and sale prices) sent for selected bonds, the Exchange publishes their average reference prices every daily.
Prices are calculated as an arithmetical average of quotes for individual bond market makers.

For calculating average reference prices, bonds are categorised into classes:

• class A – selected state bonds
• class B – other bonds

Detailed information:

• Securities List
• Types of trades

Insertion of bonds into classes

Bond market makers

Bond Programmes

In compliance with the Exchange Rules, the issuer may ask for admission of a bond programme prospectus, including common issue conditions that are the same for the not yet known number of issues.

On this page we have listed bond programmes whose prospectus and joint conditions of issue were admitted for Exchange trading.

Issuer’s Name	Date of Approval	Total Allowed Programme Volume	Duration
Raiffeisenbank, a.s.	December 1, 2008	CZK 50 bil.	15
Česká pojišťovna, a.s.	November 9, 2007	CZK 10 bil.	10
Komerční banka, a.s.	June 17, 2007	CZK 150 bil.	30
Raiffeisenbank, a.s.	September 15, 2006	CZK 20 bil.	15
Česká spořitelna, a.s.	August 28, 2006	CZK 75 bil.	10
UniCredit Leasing, a.s.	January 13, 2006	CZK 15 bil.	30
Fond pojištění vkladů	December 19, 2005	CZK 10 bil.	10
Raiffeisenbank, a.s. (eBanka)	June 17, 2005	CZK 3 bil.	5
Hypoteční banka, a.s.	May 20, 2005	CZK 100 bil.	30
OHL ŽS, a.s.	November 5, 2004	CZK 3 bil.	5
Wüstenrot hypoteční banka a.s.	September 10, 2004	CZK 6 bil.	5
MF ČR (Česká konsolidační agentura)	July 21, 2004	CZK 20 bil.	8
Raiffeisenbank, a.s	February 6, 2004	CZK 3 bil.	10
Československá obchodní banka, a.s.	November 7, 2003	CZK 30 bil.	10
Česká spořitelna, a.s.	September 5, 2003	CZK 10 bil.	10
ČEZ, a.s.	May 28, 2003	CZK 30 bil.	10
Komerční banka, a.s.	May 5, 2003	CZK 15 bil	10
Česká spořitelna, a.s.	September 6, 2002	CZK 10 bil.	15
Telefónica O2 ČR, a.s.	April 12, 2002	CZK 20 bil.	15
Hypoteční banka, a.s.	April 12, 2002	CZK 30 bil.	10
MF ČR (Česká konsolidační agentura)	August 3, 2001	CZK 20 bil.	15
Evropská investiční banka	January 8, 1999	CZK 30 bil.	30