Issuance activity: MinFin is scheduled to auction CZK5bn in a five-year bond and CZK3bn in a seven-year bond today. The shorter bond recorded solid demand (b/c 2.6) in its first auction two weeks ago. Since then the yield has decreased slightly, but in ASW terms the bond is cheaper. At the same time, the low supply of shorter maturities in recent years supports great market interest. On the other hand, the longer bond probably has the last auction ahead, which is also reflected in falling demand. Thus, MinFin has exhausted its current issues in this maturity segment. For March, MinFin plans four auctions including a new 11-year issue in a maximum volume of CZK15.5bn. Despite this rich offer of new bonds, MinFin activity is significantly lower compared with the first quarter of last year.