Issuance activity: Tomorrow, MinFin is scheduled to auction CZK4.0bn of 2033 bonds, CZK4.0bn of 2036 bonds and CZK2.0bn of 2038 floaters. The August issuance calendar indicates CZK20.0bn to be sold, the lowest indication since March. Overall, MinFin has issued CZK214.9bn in primary auctions, as well as an additional CZK10.4bn and EUR250m on secondary market taps thus far this year. It has also returned to the secondary market in the summer, conducting switch operations totalling CZK17.9bn. Overall, we believe the issuance pace is unlikely to slow in the rest of 2025.