State bond 4,00/44 (CZ0001007397)
A Czech state bond due 2044-04-04 with a 4.00% coupon. Today it costs 83.450% of its nominal value, yields 5.500% a year to maturity, duration 12.02.
- Buy at 83.450%, sell at 83.050% of the nominal value (Patria, 2026-11-10).
- One piece: a nominal value of 10,000 CZK, today about 8,588.29 CZK with the accrued coupon.
- Yield to maturity 5.500% a year; modified duration 12.02.
- Maturity 2044-04-04, in 17.4 years.
- Státní dluhopis 158. emise of 2024-10-04.
- The coupon is tax free for individuals (issued from 1 Jan 2021, § 4(1)(x)).
- Next coupon 2027-04-04.
- Accrued coupon 243.29 CZK a piece.
- 27.70 bn CZK nominal in issue.
Price by day
| Day | Price (mid of buy and sell) |
|---|---|
| 2026-11-10 | 83.250% |
| 2026-11-09 | 82.800% |
| 2026-11-06 | 82.500% |
| 2026-11-05 | 82.400% |
| 2026-11-04 | 81.600% |
| 2026-11-03 | 80.950% |
| 2026-11-02 | 80.700% |
| 2026-10-28 | 80.450% |
| 2026-10-27 | 80.441% |
| 2026-10-26 | 80.472% |
| 2026-10-23 | 80.462% |
| 2026-10-22 | 80.492% |
| 2026-10-21 | 80.665% |
| 2026-10-20 | 80.797% |
| 2026-10-19 | 81.072% |
| 2026-10-16 | 81.347% |
| 2026-10-15 | 81.510% |
| 2026-10-14 | 80.950% |
| 2026-10-13 | 81.011% |
| 2026-10-12 | 80.848% |
| 2026-10-09 | 80.818% |
| 2026-10-08 | 80.869% |
| 2026-10-07 | 81.204% |
| 2026-10-06 | 81.418% |
| 2026-10-05 | 81.428% |
| 2026-10-02 | 81.225% |
| 2026-10-01 | 81.235% |
| 2026-09-30 | 81.082% |
| 2026-09-29 | 80.919% |
| 2026-09-28 | 81.042% |
Bonds due nearby
- State bond 1,50/40 – 2040-04-24, yield 5.42%
- State bond VAR/43 – 2043-08-18, yield 4.55%
- State bond 4,85/57 – 2057-11-26, yield 6.08%
Questions
What does one piece of the state bond 4,00/44 cost?
The nominal value is 10,000 CZK. Today you buy it at 83.450% of the nominal plus the accrued coupon, about 8,588.29 CZK a piece, plus the broker's fee.
What does it earn if I hold it to maturity?
The yield to maturity at today's price is 5.500% a year, before fees and tax. At maturity the state pays 100% of the nominal value. Until then it pays 18 more coupons of 400 CZK a piece.
How much can the price move?
The modified duration is 12.02: if market rates rise by 1 percentage point, the price falls by about 12.0%, and the other way round.
Is the coupon taxed?
No. The bond was issued on 2024-10-04, after 1 Jan 2021, when the exemption of EU states' bond yields for individuals took effect (§ 4(1)(x) of the Income Tax Act).
What is the accrued coupon (AUV)?
The part of the next coupon that belongs to the days since the last one. The buyer pays it to the seller on top of the price in %, because the buyer then gets the whole next coupon. Just before a coupon is paid it can be negative – the seller gets that coupon then.
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