Issuance activity: Tomorrow, MinFin is scheduled to auction CZK3.0bn of 2029 bonds and CZK3.0bn of 2036 floater. The November issuance calendar indicates a total issuance of CZK21.5bn, confirming a relatively strong supply on the primary market (compared to the ytd average of CZK15.3bn and the actual average monthly issuance of CZK30.9bn). Conversely, the T-bill issuance indication for November is only CZK5.0bn and EUR0.5bn. The lower-than-expected T-bill issuance may help to reduce financing needs in 2027, as the MinFin assumed in its July Strategy that next year’s T-bill redemptions (combined CZK and EUR) would reach CZK165.2bn. However, ytd issuance of T-bills maturing in 2027 is only CZK72.9bn. Regarding bonds, the Ministry of Finance has issued a total of CZK309.3bn of CZGBs on the primary market (the Ministry projects CZK270-370bn for the full year), as well as an additional CZK121.8bn on the secondary market.