UPDATE 1-Czech Q2 bond calendar suggests no eurobond

                                
 (Adds details, portfolio manager, background)
                                
 PRAGUE, March 3 (Reuters) - The Czech Republic plans to
raise 46 billion crowns ($2.76 billion) through medium and
long-dated local currency government bonds in April-June, the
Finance Ministry said on Monday.
                                
 The plan suggested the ministry was in no rush to tap
international markets for financing, as the domestic issuance
plan for the second quarter provided for a substantial part of
financing needs.
                                
 The ministry said in a statement it would re-open 
outstanding benchmark bonds maturing in 2022, 2017, 2012 and
2011 in a total of seven auctions.
                                
 "This is more than I would have expected, because according
to Finance Ministry rhetoric it seemed they may want to issue a
eurobond in the second quarter," said Daniel Kozel, portfolio
manager at PPF Asset Management.
                                
 The ministry has set an overall limit for 2008 domestic or
foreign medium and long-term borrowing at 165-185 billion
crowns.
                                
 Domestic issuance was seen at 75.1 to 165 billion crowns, so
the second quarter plan would cover roughly a quarter of the
full-year gross financing need.
                                
 In the first two months of the year, the ministry issued
bonds worth 39 billion crowns, and auctions worth 13 billion
were scheduled for March.
                                
 Finance Ministry officials have been saying a eurobond was
an option this year but gave no details.
                                
 Kozel said the ministry may still issue a eurobond in the
second half if global markets calm down.
                                
 The ministry added it would auction short-term treasury
bills worth 12 billion crowns in the second quarter of 2008.
                                
 The Czech 10-year bond <CZ100822=> traded to yield 4.59
percent at 0945 GMT, down 1 basis point on the day, and 72 basis
points above the German 10-year benchmark. However, 10-year
crown and euro interest rate swaps were almost identical around
4.30 percent.
                                
 Official short-term interest rates in the Czech Republic
stand at 3.75 percent, and are expected to hold steady or rise
another quarter point this year, while European rates are
expected to fall from the current 4.0 percent to 3.50 percent
[ECB/INT].
 (For a TABLE with auction details, click on [ID:nL03187506])
                                
 (Additional reporting by Petra Vodstrcilova)
                                
 (Reporting by Jan Lopatka; Editing by Ruth Pitchford)