Issuance activity: Tomorrow, MinFin is scheduled to auction CZK3.0bn of 8y bonds, CZK6.0bn of 10y bonds and CZK1.0bn of 13y bonds. Whereas only one primary auction (9 Nov) was indicated this month initially, tomorrow’s auction was added to the schedule last week. In December, one primary auction is scheduled so far (14 Dec) with a total amount of CZK10.0bn. This is surprisingly low, given that MinFin indicated a total issuance volume of up to CZK100bn in 4Q, but only issued CZK44.2bn in total in Oct-Nov until now (and plans to issue additional CZK20.0bn until the end-2022). The risk of an additional auction in December therefore prevails, in our view.