Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2033 bonds, CZK2.0bn of 2035 bonds and CZK1.0bn of 2037 bonds. The April’s calendar indicates a total supply of CZK15.0bn of CZGBs, while the total issuance for 2Q has been reduced to only CZK50.0bn, signalling MinFin’s willingness to lower its activity during periods of market turmoil. However, with total sales in the primary and secondary markets combined reaching CZK115.9bn year to date, and the next redemption of maturing CZGBs not until June, MinFin still has relatively ample room for maneuvring in the short term. Nevertheless, issuance will have to accelerate considerably in 2H26 should the 2Q indication be met.