Issuance activity: On Wednesday, MinFin is scheduled to auction CZK3.0bn of 2029 bonds, CZK3.0bn of 2034 bonds and CZK5.0bn of 2036 bonds. So far this year, the issuance campaign has mostly been realised on the secondary market, with tap sales totalling CZK50.6billion ytd. The draft state budget for 2026, excluding EU funds, aims for a CZK310bn deficit, which is around CZK60bn higher yoy. Overall, we estimate full-year gross issuance at CZK463bn and net issuance at CZK262bn. Further details can be found in the Czech Economic Outlook: https://bit.ly/CEO_1Q26_EN.