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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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Sun, 07/08/2012 - 20:20 | 2597286 Zgangsta
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.


Sun, 07/08/2012 - 20:37 | 2597343 westboundnup
westboundnup's picture

Are my methods unsound?

Sun, 07/08/2012 - 20:48 | 2597374 duo
duo's picture

That pile of little bonds.  The horror!

Sun, 07/08/2012 - 21:00 | 2597413 GetZeeGold
GetZeeGold's picture



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


I have taken up crack cocaine however.


Sun, 07/08/2012 - 21:10 | 2597447 smlbizman
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.....

Sun, 07/08/2012 - 22:32 | 2597644 leftcoastfool
leftcoastfool's picture

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

Mon, 07/09/2012 - 03:05 | 2598018 old naughty
old naughty's picture

Would I be too outdated to ask what happened to oranges?

Mon, 07/09/2012 - 00:37 | 2597888 Walter E Kurtz
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!

Sun, 07/08/2012 - 20:21 | 2597292 Spitzer
Spitzer's picture

Another reason why Warren Buffet is wrong on gold


Sun, 07/08/2012 - 20:22 | 2597297 veyron
veyron's picture

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

Sun, 07/08/2012 - 21:01 | 2597419 GetZeeGold
GetZeeGold's picture



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


Mon, 07/09/2012 - 01:31 | 2597939 Joe Sixpack
Joe Sixpack's picture

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



Sun, 07/08/2012 - 21:40 | 2597536 DoChenRollingBearing
DoChenRollingBearing's picture

@ veyron

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

Sun, 07/08/2012 - 21:38 | 2597529 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 Spitzer

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

Sun, 07/08/2012 - 20:23 | 2597299 cherry picker
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.

Sun, 07/08/2012 - 20:24 | 2597302 q99x2
q99x2's picture

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

Sun, 07/08/2012 - 21:06 | 2597436 nflux
nflux's picture

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

Sun, 07/08/2012 - 20:27 | 2597308 midgetrannyporn
midgetrannyporn's picture

Calpers and inFidelity will buy them.

Sun, 07/08/2012 - 20:30 | 2597321 brockhardman
brockhardman's picture

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

Maybe they should start selling those...

Sun, 07/08/2012 - 20:35 | 2597338 zorba THE GREEK
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!

Sun, 07/08/2012 - 20:41 | 2597353 chump666
chump666's picture

I'm bored with Europe.

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



Sun, 07/08/2012 - 20:55 | 2597396 Al Gorerhythm
Al Gorerhythm's picture

After that, you're boredom should be alleviated.

Sun, 07/08/2012 - 20:42 | 2597357 Raymond_K_Hessel
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?

Sun, 07/08/2012 - 22:58 | 2597702 jeff montanye
jeff montanye's picture

my thought too.

Sun, 07/08/2012 - 21:00 | 2597414 Tom Green Swedish
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.

Mon, 07/09/2012 - 03:18 | 2598021 HardlyZero
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% http://www.bloomberg.com/quote/gbtpgr10:IND
Mon, 07/09/2012 - 04:44 | 2598064 HardlyZero
HardlyZero's picture

Spain:   GSPG10YR:IND 7.102 0.14800 2.13%

Italy:    GBTPGR10:IND  6.142 0.11600 1.93%


Mamma Mia !

Sun, 07/08/2012 - 21:50 | 2597557 geewhiz190
geewhiz190's picture

Lasciate ogne speranza, voi ch'intrate...

Sun, 07/08/2012 - 22:10 | 2597580 ZeroAvatar
ZeroAvatar's picture

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

Mon, 07/09/2012 - 04:53 | 2598070 HardlyZero
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."



Sun, 07/08/2012 - 22:15 | 2597587 LouisDega
LouisDega's picture

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

Sun, 07/08/2012 - 22:44 | 2597676 zorba THE GREEK
zorba THE GREEK's picture

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

Sun, 07/08/2012 - 22:48 | 2597682 lasvegaspersona
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.

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