Issuance activity: Tomorrow, MinFin is scheduled to auction CZK1.0bn of 2043 floater. Last week, CZK19.2bn of CZGB has been sold compared to the CZK11.0bn indicated in the first auction of the year. MinFin’s new funding and debt management strategy puts total gross issuance of CZGB for 2025 at CZK350-450bn. The midpoint of this range is thus around CZK50.0bn higher yoy. We estimate that actual gross issuance is more likely to be in the upper half of MinFin’s range. For January, the indicative amount is set at CZK23.0bn, i.e. CZK7.0bn higher mom, but will most likely be exceeded.