Debt Portfolio Management Quarterly Report - 1st - 3rd Quarter of 2025
The Ministry of Finance presents, in accordance with the calendar of published information, a regular Debt Portfolio Management Quarterly Report, which also includes regular quarterly evaluations of primary dealers of the Czech government securities for the period from the fourth quarter of 2024 to the third quarter of 2025. In the overall evaluation, the following three banking groups were the most active during this period: PPF banka a.s., KBC Bank NV / Československá obchodní banka, a. s. and Erste Group Bank AG / Česká spořitelna, a.s.
The absolute value of state debt reached CZK 3,517.9 billion at the end of the third quarter of 2025, which represents an increase of CZK 152.7 billion compared to the end of 2024. This development is mainly due to the sale of government bonds during the first three quarters of 2025 to continuously cover the state’s financing needs resulting from the performance of the state budget, which reached a deficit of CZK 153.9 billion at the end of September. This issuance activity also ensured a smooth coverage of CZK-denominated state debt redemptions in the first three quarters of the year, which amounted to CZK 271.1 billion.
During the first three quarters of 2025, the regular issuance activity of the state was carried out in the standard mode and the CZK-denominated government bonds with maturities of over one year in a total nominal value of CZK 327.1 billion were issued and an average time to maturity of 9.2 years.
In September 2025, the Czech Republic introduced inaugural Social Finance Framework, which defines the conditions for issuing government bonds aimed at financing pre-defined social expenditures of the state budget in accordance with internationally recognized standards and principles. In line with the Framework, inaugural issuance of two social government bonds denominated in Czech koruna was executed on 3 October 2025. The bonds were sold via auction organized by the Czech National Bank, with maturities of 5 and 10 years. The total nominal value of the issued bonds reached nearly CZK 14 billion. The net proceeds of the issuance will be allocated to eligible social expenditures in the state budget. Reporting obligations will be fulfilled through the publication of standardized allocation and impact reports.