The Ministry of Finance presents, in accordance with the calendar of published information, the Debt Portfolio Management Quarterly Report, which contains the state of fulfilment of the operational funding programme and issuance activity plans in relation to the announced strategic targets and limits specified in the Czech Republic Funding and Debt Management Strategy for 2026 published on 6 January 2026 and updated on 17 July 2026. It also includes regular quarterly evaluations of primary dealers of Czech government securities for the period from the fourth quarter of 2025 to the third quarter of 2026, with PPF banka a.s., KBC Bank NV / Československá obchodní banka, a. s., and Deutsche Bank AG ranked as the three most active primary dealers in the overall evaluation for this period.

The absolute value of state debt reached CZK 3,882.2 billion at the end of the third quarter of 2026, representing an increase of CZK 204.6 billion compared with the end of 2025. This increase was primarily the result of government bond sales aimed at the ongoing financing of the state budget deficit, which reached CZK 194.5 billion at the end of September, while at the same time refinancing all CZK-denominated redemptions of medium-term and long-term government bonds maturing in 2026.

During the first three quarters of 2026, CZK-denominated medium-term and long-term government bonds in a total nominal value of CZK 382.3 billion were sold on the primary and secondary markets with an average residual maturity of 10.2 years, which is 1.0 year longer than in the same period of the previous year. The average yield of newly sold fixed-rate government bonds amounted to 4.7% p.a. Furthermore, CZK-denominated state treasury bills in a total nominal value of CZK 81.5 billion were sold, while state treasury bills in a total nominal value of CZK 91.5 billion were redeemed during the first three quarters of 2026. The total nominal value of CZK-denominated state treasury bills outstanding at the end of the third quarter of 2026 amounted to CZK 107.0 billion.

Within the framework of the direct sale of government bonds intended for citizens, three new issues of the “Dluhopis Republiky” bonds in a total nominal value of CZK 74.0 billion were issued on 15 July 2026. The highest demand was recorded for the five-year fixed-rate government bond, followed by the three-month convertible state treasury bill (“Flexi Bond 001”) and the five-year inflation-linked government bond. In the second subscription period, which took place from 24 August to 4 October 2026, citizens were offered exclusively an issue of a three-month convertible state treasury bill (“Flexi Bond 002”). As of 30 September 2026, the total nominal value of “Dluhopis Republiky” bonds outstanding amounted to CZK 130.7 billion, which represented 3.4% of the state debt.