Issuance activity: Tomorrow, MinFin is scheduled to auction CZK2.0bn of 2032 bonds and CZK2.0bn of 2038 floaters. The updated April’s calendar indicates a total supply of CZK17.0bn of CZGBs, while the total issuance for 2Q remaining at CZK50.0bn. Overall, MinFin has sold CZK83.7bn of CZGBs in primary auctions, with an additional CZK50.6bn of taps and CZK38.1bn of switches on the secondary market year to date. The secondary market is therefore becoming increasingly significant this year, probably due to its higher flexibility amid heightened market volatility.