Issuance activity: Tomorrow, MinFin is scheduled to auction CZK5.0bn of 2028 bonds and CZK4.0bn of 2033 bonds. At the previous auction on July 2, MinFin significantly upsized, selling CZK11.6bn versus an indication of CZK7.0bn. As for the CZGB supply in 2H25, it is, in our view, unlikely to decrease meaningfully compared to 1H25. In 1H25 MinFin has issued CZK181.3bn in primary auctions and an additional CZK10.4bn and EUR250mn in the secondary market thus far this year. MinFin’s update of the Strategy states that in 2H25 it plans to issue CZK150-250bn, which is consistent with the full-year plan of CZK350-450bn in the previous strategy published in January.