Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2029 bonds, CZK3.0bn of 2033 bonds and CZK4.0bn of 2035 bonds. Overall, MinFin has sold CZK99.7bn of CZGBs in primary auctions, with an additional CZK50.6bn of taps and CZK38.1bn of switches on the secondary market year to date. Meanwhile, the Czech government is proposing an amendment to national fiscal rules that could potentially allow a public finance deficit wider than 3% of GDP next year by extending the escape clause to encompass most infrastructure investment. The lower house of the Czech parliament will resume deliberations on the bill this week. On Thursday, the Ministry of Finance will also hold a press conference to present details on the issuance of new retail bonds. While these parameters may influence the amount sold, retail CZGBs play a relatively minor role overall, accounting for just 1.6% of state debt.