Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2029 bonds and CZK4.0bn of 2036 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. Total tap sales in the primary and secondary markets combined reached CZK123.6bn year to date. With total full year indication of CZK400-500bn, the issuance is likely to accelerate considerably in 2H26 should the 2Q indication be met.