Europe 2010 Paper Supply: €5 Billion Down, €1 Trillion To Go

Tyler Durden's picture

Today Greece priced €5 billion in 10 year bonds, and much was said about the resulting imminent renormalization of European debt capital markets. That's excellent, because as the following chart (which is a summary of bond issuance compilations demonstrated previously on Zero Hedge) demonstrates, Europe will need it- the continent is facing the highest net ($422 billion) and gross (€1 trillion) issuance in the past decade (and that excludes Greece). We wish Europe all the best.

A detailed view of the redemption schedules in Europe (contrasted with the US) in absolute and relative terms yields the following charts. Italy, Spain, France, Germany, Portugal, Belgium and the Netherlands all have about 20%, and in some cases more, of their total debt maturing this year. That's some serious rolling. Yet nobody in Europe has as precarious an average maturity schedule as the US, which at 4.4 years is nearly 1 year shorter than the next closest, the Netherlands.

Charts: Morgan Stanley

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JJP's picture

dont forget the UK, we need some too

MarketTruth's picture

Please kindly have the Queen cash in and sell all those many tens of thousands of cameras that are watching every street corner for starters. We'll get to the Royal Jewels eventually.

PS: Can jolly ol' England sell the City Of London to, perhaps, the French as nothing good happens there and why do they get different laws? Maybe the owner of Harrods will buy the City Of London as England owes it to him after killing his.... well.. you know.

deadhead's picture

No need to worry...Bernanke has PLENTY of blank checks left in the checkbook.

Bernanke will buy ANYTHING and EVERYTHING.

The USA never learns its lessons.....never.  I just hope that I live long enough to witness the Minsky moment.  It'll happen. 

bingaling's picture

I don't -Hell on earth just doesn't appeal to me .I've visited Detroit the rest of the country deserves better .

Crime of the Century's picture

Physical PM holders who anticipate it will still nonetheless stand in awe of it. Martin Armstrong's waterfall will be traumatic. James Dines in his latest interview is seriously concerned about the people with guns who get pancaked through no fault of their own - except for the "trusting the system" part. If our Government wasn't pathologically corrupt they would admit that PMs are insurance against "unforseen (manipulated) events". The more folks that hold some, the better a community maintains community.   

Anonymous's picture

This seems to be Americans' ethic of buying each others old junk at garage sales, as applied to an entire continent.

Anonymous's picture

Speaking of sovereign debt markets, has anyone noticed the recent demolition of implied volatility across the US yield curve. Pimco has been selling hundreds of thousands of strangles on the 10yr note, pushing vols down to levels not seen since the Great Moderation. Aren't we in scarier times? somebody help me on this one!

Stevm30's picture

It'd be cool to see the "marching ants" graphic for Europe in one color and the US in another...

Just a thought - this is good stuff - thanks.

Anonymous's picture

Here in Portugal, I can tell you we will be fine...

Anonymous's picture

Does that show Germany having a big pop in net debt issuance this year? I thought it was supposed to be the responsible one. What's up with that?

giraf's picture

If the demand for the Greek bonds really totalled 14 bn, they should have filled everybody if full, explaining to each client that they were getting special treatment because they are such good clients. Leave them all believing only 5 bn was issued. Short term funding problem solved. Long term? Does it really matter?


Sad thing about modern finance is that all transactions are book based. You no longer get the pleasure of pasting pretty certificates to your bathroom walls when the paper becomes worthless.

Rick64's picture

Who is buying Greek bonds? I would buy some 5 day bonds maybe, but 10 yrs.

Stranger's picture

Banks who are too big to fail.

Anonymous's picture

"...We wish Europe all the best..."

Best wishes from a country that drove its financial system to the brink of desaster ?

I guess we can do without them.

Grüsse aus Deutschland

Anonymous's picture

Assume all of these redemptions need new issuance of debt and replot into infinity. Include the yearly coupons as new debt as well. Take average duration of new debt issuance so it resembles past issuance if you want to be optimistic.

Now tell me by how much all these governments need to cut their yearly budgets in order to make ends meet. Forget inflation for simplicity. Forget hidden obligations (health care, social security, pensions) for ease of mind.

Easy maths.

Yet I am sure the world won't end so not yet packing supplies and heading into the mountains or shelter.
Governments cannot possibly be that stupid. But it shure looks dire.

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