Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2034 bonds, CZK4.0bn of 2035 bonds and CZK0.5bn of 2044 bonds. In December, MinFin plans to reduce issuance to just CZK6.0bn of CZGBs. This will, however, be supplemented by CZK5.0bn and EUR500m of T-bills. MinFin also continues to have a strong presence on the secondary market, having conducted switch operations for CZK45.8bn in 2H25, thereby lowering the expected issuance in 2026. Overall, we estimate the total financing needs to increase by at least a quarter in 2026, with risks skewed to the upside given the incoming government’s signals that the deficit may be even larger than the CZK320.0bn we assumed in our latest forecast.