\u010cesk\u00fd trh s dluhopisy, a\u010dkoli je pro ve\u0159ejnost m\u00e9n\u011b viditeln\u00fd ne\u017e akciov\u00fd trh, hraje d\u016fle\u017eitou roli ve financov\u00e1n\u00ed vl\u00e1dn\u00edho i podnikov\u00e9ho sektoru. Jeho rozvoj za\u010dal v 90. letech 20. stolet\u00ed, soub\u011b\u017en\u011b se vznikem burzy cenn\u00fdch pap\u00edr\u016f, ale dlouhou dobu z\u016fst\u00e1val nedostate\u010dn\u011b rozvinut\u00fd.
\nVe\u0159ejn\u00fd sektor tomuto trhu dominuje. Ministerstvo financ\u00ed \u010cesk\u00e9 republiky pravideln\u011b vyd\u00e1v\u00e1 kr\u00e1tkodob\u00e9 (do jednoho roku) a dlouhodob\u00e9 (do 30 let) dluhopisy prost\u0159ednictv\u00edm aukc\u00ed. Tyto cenn\u00e9 pap\u00edry jsou pova\u017eov\u00e1ny za bezrizikov\u00e9 a slou\u017e\u00ed jako z\u00e1klad pro v\u00fdnosovou k\u0159ivku pou\u017e\u00edvanou k oce\u0148ov\u00e1n\u00ed podnikov\u00fdch dluhopis\u016f.
\nV\u00fdnosy z \u010desk\u00fdch st\u00e1tn\u00edch dluhopis\u016f jsou tradi\u010dn\u011b n\u00edzk\u00e9, co\u017e odr\u00e1\u017e\u00ed vysok\u00fd rating zem\u011b (A1 od Moody’s, A+ od S&P). V letech 2022\u20132023 v\u0161ak v d\u016fsledku zp\u0159\u00eds\u0148ov\u00e1n\u00ed m\u011bnov\u00e9 politiky ECB a rostouc\u00ed inflace sazby v\u00fdrazn\u011b vzrostly, zejm\u00e9na u kr\u00e1tkodob\u00fdch dluhopis\u016f. Trh s podnikov\u00fdmi dluhopisy je v\u00fdrazn\u011b men\u0161\u00ed. Nejaktivn\u011bj\u0161\u00edmi emitenty jsou velk\u00e9 banky (Komer\u010dn\u00ed banka, \u010cSOB) a energetick\u00e9 spole\u010dnosti. V\u011bt\u0161ina korpor\u00e1tn\u00edch dluhopis\u016f je umis\u0165ov\u00e1na soukrom\u011b, nikoli na voln\u00e9m trhu, co\u017e omezuje p\u0159\u00edstup pro drobn\u00e9 investory.<\/p>\n
\nOd roku 2017 \u010cesk\u00e1 republika zavedla syst\u00e9m regulovan\u00fdch trh\u016f s dluhopisy, co\u017e zv\u00fd\u0161ilo transparentnost obchodov\u00e1n\u00ed. Likvidita v\u0161ak z\u016fst\u00e1v\u00e1 n\u00edzk\u00e1: mnoho emis\u00ed se obchoduje jednou za n\u011bkolik t\u00fddn\u016f a objemy transakc\u00ed jsou minim\u00e1ln\u00ed.
\nV posledn\u00edch letech z\u00e1jem o zelen\u00e9 dluhopisy vzrostl. \u010cEZ se stal prvn\u00edm \u010desk\u00fdm emitentem, kter\u00fd vydal zelen\u00e9 dluhopisy na financov\u00e1n\u00ed obnoviteln\u00fdch zdroj\u016f energie. Tyto n\u00e1stroje p\u0159itahuj\u00ed mezin\u00e1rodn\u00ed investory zam\u011b\u0159en\u00e9 na strategie ESG.
\nDrobn\u00ed investo\u0159i se na trhu s dluhopisy pod\u00edlej\u00ed p\u0159edev\u0161\u00edm prost\u0159ednictv\u00edm penzijn\u00edch a investi\u010dn\u00edch fond\u016f. P\u0159\u00edm\u00e9 n\u00e1kupy vy\u017eaduj\u00ed zna\u010dn\u00fd kapit\u00e1l a znalosti, co\u017e omezuje \u00fa\u010dast \u0161irok\u00e9 ve\u0159ejnosti. Za zm\u00ednku stoj\u00ed i m\u011bnov\u00e1 struktura trhu: a\u010dkoli v\u011bt\u0161ina cenn\u00fdch pap\u00edr\u016f je denominov\u00e1na v \u010desk\u00fdch korun\u00e1ch, pod\u00edl eurobond\u016f roste, zejm\u00e9na u spole\u010dnost\u00ed s mezin\u00e1rodn\u00edmi p\u016fsobnostmi. To pom\u00e1h\u00e1 diverzifikovat m\u011bnov\u00e1 rizika a p\u0159il\u00e1kat \u0161ir\u0161\u00ed spektrum investor\u016f.
\nTrh s dluhopisy je regulov\u00e1n pr\u00e1vem EU a n\u00e1rodn\u00edmi p\u0159edpisy \u010cesk\u00e9ho n\u00e1rodn\u00edho bankovn\u00edho syst\u00e9mu. Po\u017eadavky na zve\u0159ej\u0148ov\u00e1n\u00ed informac\u00ed, ratingy a strukturu emis\u00ed odpov\u00eddaj\u00ed evropsk\u00fdm standard\u016fm.
\nBudouc\u00ed v\u00fdvoj trhu s dluhopisy bude z\u00e1viset na hlub\u0161\u00ed finan\u010dn\u00ed integraci s EU, n\u00e1r\u016fstu po\u010dtu emitent\u016f ESG a zlep\u0161en\u00ed likvidity. Bez aktivn\u00ed \u00fa\u010dasti st\u0159edn\u00edch podnik\u016f a rostouc\u00edho z\u00e1jmu maloobchodu je v\u0161ak rozs\u00e1hl\u00e1 transformace nepravd\u011bpodobn\u00e1.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u010cesk\u00fd trh s dluhopisy, a\u010dkoli je pro ve\u0159ejnost m\u00e9n\u011b viditeln\u00fd ne\u017e akciov\u00fd trh, hraje d\u016fle\u017eitou roli ve financov\u00e1n\u00ed vl\u00e1dn\u00edho i podnikov\u00e9ho sektoru. Jeho rozvoj za\u010dal v 90. letech 20. stolet\u00ed,…<\/p>\n","protected":false},"author":2,"featured_media":73,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-72","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trhy"],"_links":{"self":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/72","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72"}],"version-history":[{"count":1,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/72\/revisions"}],"predecessor-version":[{"id":74,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/posts\/72\/revisions\/74"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=\/wp\/v2\/media\/73"}],"wp:attachment":[{"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neoloricin.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}