Issuance activity: Tomorrow, MinFin is scheduled to auction CZK4.0bn of 2034 bonds and CZK4.0bn of 2037 bonds. So far this year, MinFin has issued a total of CZK232bn CZGBs on the primary market (MinFin projects CZK270–370bn for the full year), as well as an additional CZK121.8bn on the secondary market. Last week, 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.