Issuance activity: Tomorrow, MinFin is scheduled to auction CZK3.0bn of 2033 bonds, CZK5.0bn of 2037 bonds and CZK1.0bn of 2044 bonds. To date, the issuance campaign has largely taken place on the secondary market, with secondary tap sales totalling CZK50.6bn. However, the primary market may also be regaining importance, as the March issuance calendar indicates CZGB supply of CZK20bn, the same as in February (compared to CZK10bn in January). The draft state budget for 2026, excluding EU funds, forecasts a deficit of CZK310bn, around CZK60bn higher yoy. Overall, we estimate full-year gross issuance at CZK463bn and net issuance at CZK262bn. Further details can be found in the Czech Economic Outlook: https://bit.ly/CEO_1Q26_EN.