Issuance activity: Tomorrow, MinFin is scheduled to auction CZK4.0bn of 2035 bonds and CZK3.0bn of 2037 bonds. The May calendar indicates a total supply of CZK18.0bn of CZGBs in the primary auction, while the indicative issuance for 2Q is kept at CZK50.0bn. Overall, MinFin has sold CZK92.6bn 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 has proposed amending national fiscal rules in a way that could potentially allow a public finance deficit wider than 3% of GDP next year. This is because the amendment proposed by the Minister of Finance would extend the escape clause to encompass most infrastructure investment. While previous pledges by the government capped the maximum deficit at 3% of GDP, the new proposal poses a downside risk to this assumption. The lower house of the Czech parliament may vote on the law as soon as next week.