Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2032 bonds, CZK2.0bn of 2034 bonds and CZK1.0bn of 2038 floater. Yesterday, the Ministry of Finance slashed the indicated issuance volume for March from the original CZK20.0bn to CZK10.0bn, while also reducing tomorrow’s issuance volume from CZK9.0bn to CZK5.0bn and removing the longest 2036 paper completely. Given that CZK107.4bn has been sold in the primary and secondary markets combined in the first two months, and the next redemption of maturing CZGBs is not until June, MinFin seems to have relatively ample room for manoeuvre.