Issuance activity: Tomorrow, MinFin is scheduled to auction CZK4.0bn of 2034 bonds, CZK4.0bn of 2035 bonds and CZK2.0bn of 2037 bonds. Although this is the first primary auction, the 2026 issuance campaign has already begun on the secondary market, with tap sales totalling CZK19.9bn. The headline cash deficit of the state budget for 2025 was CZK291bn versus a budget plan of CZK241bn. This was probably due to a delay in receiving EU funds. Adjusting for EU funds, the deficit exceeded the budget by roughly CZK9bn. The draft budget for 2026 is still being prepared and is to be discussed by the government on Monday 26 January. The finance minister has already indicated that 'keeping the deficit below CZK 300 billion will be difficult', while also pledging to keep the public finance deficit below 3% of GDP. The MinFin’s new strategy does not contain any concrete assumptions regarding the state budget, but indicates the total gross CZGB issuance will be CZK400–500bn.