Czech state bonds at a broker: today's prices, yields to maturity and a calculator
Czech state bonds on the secondary market – bought from other investors at the market price through a broker. Each issue's price, yield to maturity and duration, and a calculator: pieces, coupons and yield after tax for your amount.
Want to buy straight from the state at a fixed 100%, with no price swings? That is Dluhopis Republiky.
Prices and yields (2026-11-10)
| Bond | Maturity | Coupon | You buy at (% of nominal) | Yield to maturity | Duration |
|---|---|---|---|---|---|
| State bond 0,25/27 | 2027-02-10 | 0.25% | 99.07% | 4.05% | 0.25 |
| State bond VAR/27 | 2027-11-19 | variable | 99.97% | 4.09% | 0.02 |
| State bond 2,50/28 | 2028-08-25 | 2.50% | 97.06% | 4.24% | 1.76 |
| State bond 5,50/28 | 2028-12-12 | 5.50% | 102.30% | 4.32% | 1.93 |
| State bond 5,75/29 | 2029-03-29 | 5.75% | 103.20% | 4.29% | 2.22 |
| State bond 2,75/29 | 2029-07-23 | 2.75% | 95.73% | 4.46% | 2.61 |
| State bond 0,05/29 | 2029-11-29 | 0.05% | 87.94% | 4.36% | 3.04 |
| State bond 0,95/30 | 2030-05-15 | 0.95% | 88.94% | 4.42% | 3.44 |
| State bond 5,00/30 | 2030-09-30 | 5.00% | 101.78% | 4.49% | 3.61 |
| State bond 1,20/31 | 2031-03-13 | 1.20% | 87.10% | 4.55% | 4.20 |
| State bond VAR/31 | 2031-10-31 | variable | 99.85% | 4.20% | 0.47 |
| State bond 1,75/32 | 2032-06-23 | 1.75% | 85.54% | 4.74% | 5.33 |
| State bond 4,50/32 | 2032-11-11 | 4.50% | 98.30% | 4.83% | 5.38 |
| State bond 2,00/33 | 2033-10-13 | 2.00% | 82.67% | 5.03% | 6.47 |
| State bond 4,90/34 | 2034-04-14 | 4.90% | 99.27% | 5.01% | 6.22 |
| State bond 3,50/35 | 2035-05-30 | 3.50% | 89.29% | 5.07% | 7.34 |
| State bond 5,30/35 | 2035-09-19 | 5.30% | 101.05% | 5.15% | 7.25 |
| State bond 4,55/35 | 2035-10-03 | 4.55% | 96.84% | 5.00% | 7.45 |
| State bond 4,20/36 | 2036-12-04 | 4.20% | 92.76% | 5.14% | 8.36 |
| State bond 4,95/37 | 2037-02-27 | 4.95% | 97.80% | 5.23% | 8.00 |
| State bond 1,95/37 | 2037-07-30 | 1.95% | 73.40% | 5.26% | 9.50 |
| State bond 1,50/40 | 2040-04-24 | 1.50% | 63.25% | 5.42% | 11.74 |
| State bond VAR/43 | 2043-08-18 | variable | 95.43% | 4.55% | 0.27 |
| State bond 4,00/44 | 2044-04-04 | 4.00% | 83.45% | 5.50% | 12.02 |
| State bond 4,85/57 | 2057-11-26 | 4.85% | 83.05% | 6.08% | 15.33 |
Questions
Why does a state bond's price change?
The coupon is fixed, but market rates move. When rates rise, an older bond with a lower coupon is less attractive and its price falls until its yield to maturity matches the market; when rates fall, the price rises.
How much can the price move? Example ST.DLUHOP. 4,85/57
The bond due in 2057 has a modified duration of 15.33: if market rates rise by 1 percentage point, its price falls by about 15.3%. Today you buy it at 83.05% of its nominal value; at maturity you get 100%.
What is the yield to maturity?
The yearly return you get if you buy the bond at today's price and hold it to maturity: the coupons plus the gap between the price and 100% at maturity. Before fees and tax.
Can I lose money on a state bond?
If you hold it to maturity, the state repays 100% of its nominal value. If you sell earlier, you get that day's market price, which can be lower than what you paid.
How do I buy a state bond?
Through a broker or bank that trades bonds on the secondary market, e.g. Patria Finance or Česká spořitelna. One piece has a nominal value of 10,000 CZK; each broker's price list sets the minimum trade and the fees. Prices are over the counter and indicative; the broker confirms the exact price.
How is it taxed?
The coupon: the yield of state bonds issued after the amendment in force from 2021 is tax free for individuals (§ 4(1)(x) of the Income Tax Act); for issues from before, 15% is still withheld from the coupon until maturity – an issue's terms say which it is. The gain on a sale or at maturity after holding over 3 years is tax free (the time test); otherwise it is taxed in annex 2.