The Horror... The Horror: European July, August Sovereign Bond Issuance Calendar

Tyler Durden's picture

Well at least Spanish 10 Year bonds aren't above 7% and Italy is safely below 6%. Wait... what's that? Oh... uh uh... uh uh... Oh... Really... Oh ok...

Scratch that.

As a reminder 7% is and has always been a very magic number for Europe:

Full forward bond issuance:


  • 10 July: Greece auction. Bills.
  • 12 July: Italy auction. Bills.
  • 13 July: Italy auction. Bonds.
  • 17 July: Spain auction. Bills.
  • 17 July: Greece auction. Bills.
  • 19 July: Spain auction. Bonds.
  • 24 July: Spain auction. Bills.
  • 26 July: Italy auction. Bonds.
  • 27 July: Italy auction. Bills.
  • 30 July: Italy auction. Bonds.

Other events:

  • 20 July: Eurogroup meeting (tentative). According to Reuters, the MoU on Spanish bank recap has been delayed to allow more time for negotiations and a new Eurogroup meeting has been pencilled in for 20 July. The MoU is due to specify the terms of the European loans – duration and interest rates. Again according to Reuters the first tranche of the loan will be sent to Spain’s bank restructuring fund  (FROB) on time for the
    state rescued banks.



  • 2 August: Spain auction. Bonds
  • 13 August: Italy auction. Bills
  • 14 August: Italy auction. Bonds
  • 16 August: Spain auction. Bonds
  • 21 August: Spain auction. Bills
  • 28 August: Spain auction. Bills
  • 28 August: Italy auction. Bonds
  • 29 August: Italy auction. Bills
  • 30 August: Italy auction. Bonds

Other events:

20 August: ESM to become operational (Tentative). The following euro-area countries have not ratified the ESM yet: Estonia, Italy and Germany. We think they will all do by the first week of August. Then the first installment of the capital has to be paid by each ESM member within 15 days of the ESM treaty entering into force. Hence, the ESM will not be in a position to lend money until the last 10 days of August.

Source: Deutsche Bank

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Zgangsta's picture

Meanwhile, a gynormous miss in Japan, as Japanese core machinery orders fell 14.8% in May from the previous month, on expectations of a 2.6% decline.

duo's picture

That pile of little bonds.  The horror!

GetZeeGold's picture



Good news.....I've stopped buying bonds.


I have taken up crack cocaine however.


smlbizman's picture

it is obvious by the photo accompanying this article that the guy has just realized the "dude" with the meh t-shirt was back.....i still want to slap those glasses off" his" face.....

leftcoastfool's picture

if it has an apple it has a banana...

old naughty's picture

Would I be too outdated to ask what happened to oranges?

Walter E Kurtz's picture

We train our Federal Reserve Chairman to drop money on US citizenms, but Hillary won't allow him to write "fuck" on his helicopter because it's obscene!

veyron's picture

Thanks for reminding me ... i haven't fondled my gold in a while ...

GetZeeGold's picture



I said don't look.....and then I did......and then I did again.


Joe Sixpack's picture

How bout platinum, palladium, ruthenium and osmium? Like silver but heavier.

DoChenRollingBearing's picture

@ veyron

When you have LOTS to fondle, it gets even more fun.

DoChenRollingBearing's picture

+ 1 Spitzer

Nice comments fleshing out one of FOFOA's many good points.

cherry picker's picture

Is anyone happy with government nowadays, regardless which country they are from?

The constant worry over employment, rising food prices, loss of "quality" living and so on is having an effect around the world.  You would think some of them at the top would recognize what is really happening on main streets around the world and try and fix it instead of squabbling and making promises they cannot keep except for raising the weight of the burden on our shoulders via taxes.

q99x2's picture

So if July 20th is the meeting I guess I should switch from FAZ to FAS around the 15th.

nflux's picture

15th is a sunday, better do it on the 13th :)

midgetrannyporn's picture

Calpers and inFidelity will buy them.

brockhardman's picture

What do you get when you add Bills and Bonds together?  Blonds. 

Maybe they should start selling those...

zorba THE GREEK's picture

It's summertime. Who cares what the rate is on Spanish bonds?

In September, when I sober up, that's when I'll look at what the

rate is on anything. Until then, QUIEN SABE!

chump666's picture

I'm bored with Europe.

They are a c-hair away from being 100% bidless trade...on everything.



Al Gorerhythm's picture

After that, you're boredom should be alleviated.

Raymond_K_Hessel's picture

It'd be nice to know how much they're trying to auction. Is it a billion or 100 billion?

Tom Green Swedish's picture

Spain / Portugal / Greece are absolutely screwed.  Italy is a sideshow but if contagion spreads will be the end game.  These are debtor nations and their only hope is to abadon the Euro or they run the risk of being a consumer driven basketcase like the USA.

HardlyZero's picture

Spanish 10-yr Bond Yield @   7.024%   NOW

03:03:00 ET on 07/09/2012

GSPG10YR:IND  7.02400 0.07000 1.01%

Italy 10-yr Bond Yield @   6.08%   NOW

03:11:00 ET on 07/09/2012 GBTP GR10:IND 6.08000 0.05400 0.90%
HardlyZero's picture

Spain:   GSPG10YR:IND 7.102 0.14800 2.13%

Italy:    GBTPGR10:IND  6.142 0.11600 1.93%


Mamma Mia !

geewhiz190's picture

Lasciate ogne speranza, voi ch'intrate...

ZeroAvatar's picture

It's time for some positive spin from the CNBC 'A-pack-a-lips-now' bunch.

HardlyZero's picture

EURO GOVT-Spanish bonds pressed ahead of finmins meeting

"The periphery will give us the lead today but it looks like the market is just going to keep going after Spain until it cracks."


LouisDega's picture

I watched a snail crawl along the edge of a straight razor bitchez

zorba THE GREEK's picture

The whole world is suffering from the Whimpy Syndrome. I'll gladly pay you Tuesday for a hamburger today.

lasvegaspersona's picture

Whimpy was always hungry so I assume he never got a loan either. Soon we will hear the same from Italy...for a pizza today.