Issuance activity: Tomorrow, MinFin is scheduled to auction CZK3.0bn of 2034 bonds, CZK4.0bn of 2037 bonds and CZK2.0bn of 2038 floaters. In mid-May, the MinFin began accepting orders for the new retail CZGBs. By Monday, the quantity demanded had already reached CZK44.3bn. Consequently, we have lowered our estimate of this year's gross CZGB issuance to CZK400bn, which is at the lower end of the CZK400–500bn interval presented in the MinFin’s debt strategy. However, with CZK119.4bn of CZGBs sold in primary auctions, and an additional CZK50.6bn of taps and CZK38.1bn of switches conducted on the secondary market ytd, the issuance pace does not need to slow materially in 2H26. Overall, despite the success of the retail bonds so far, this will likely not be enough to compensate for the increase in the state budget deficit in 2027.