Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2038 floater. So far this year, MinFin has issued a total of CZK240bn CZGBs on the primary market (MinFin projects CZK270-370bn for the full year), as well as an additional CZK121.8bn on the secondary market. The Ministry of Finance submitted a draft state budget for 2027 with a deficit of CZK389bn (compared to CZK310bn this year).  We estimate that this would lead to a widening of the total public finance deficit from 2.8% of GDP this year to 3.5% of GDP in 2027, intensifying the overall expansionary stance of the fiscal policy. You can find out more on the 2027 draft budget in our special report: https://bit.ly/Budget_2027_EN.