Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2029 bonds, CZK3.0bn of 2032 bonds and CZK4.0bn of 2035 bonds. The November calendar indicates a total supply of CZK20.0bn, slightly below monthly average. The actual issuance is however some 40% higher ytd than the indication in the issuance calendars. MinFin has also recently increased its T-bills supply, planning to offer CZK15.0bn of CZK-denominated T-bills plus an additional EUR500m EUR-denominated ones in November, with CZK45bn and EUR1.0bn in T-bills maturing in 2026 already issued. The state budget for 2026 remains uncertain. We assume the cash deficit of the state budget may deepen to CZK320bn next year. In our estimates, this would imply an increase in the public finance deficit from 2.2% of GDP this year to 2.8% next year. More in Czech Economic Outlook: https://bit.ly/CEO_4Q25_EN.