Presenting Europe's Remaining 2011 Bond And Bill Auctions... All 104 Of Them

Tyler Durden's picture

The primary reason for today's (and last week's) dramatic overnight market weakness was the fact that several auctions, either Italian, or Spanish, went off about as badly as they possibly could. But luckily that's over, right: all the auctions in the near term are over and there is nothing to worry about for at least a few more days so traders don't have to get up at 3 am Eastern to see just how abysmally bad the latest Italian Bill issuance was? Uhm, no. Below we present the balance of Europe's bond auctions for November, for December... oh, and Bills as well, because apparently issuing 3 Month paper in Europe is about as difficult as selling 30 Years. They are, give or take, 104. Good luck sleeping.

November Bond Auctions:

December Bond Auctions:

Remaining 2011 Bill Auctions:

Source: Barclays


And then we have...  


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mynhair's picture

This is a joke, right?


S&P definitely to 1400 by 2012.



Sequitur's picture

"PIIGS debt? Fuck yes, I'm gonna get me some yield, forty times over. Bonus ramp into end of quarter 2012. What could go wrong?"

- John Corzine


It's real and a joke at the same time.  Let's see, sovereigns issue pieces of crap with a promise to pay you back at a later date. Problem is, only buyers are central banks. WINNING!!

GritMonkey's picture

I'll gladly pay you Tuesday for a hamburger today!

Stack Trace's picture

I wake up to check how well my shorts are doing! It helps me have sweet dreams. BofA should advise clients to go short at the close and sell the next open. ;-)

mynhair's picture

...or 30 minutes around the opening...

Buck Johnson's picture

Bank of America is truly The Walking Dead.  But they are doing everything possible to keep it from going.

mynhair's picture

Is the 11/28 BTP item the start of a ZH Dead Pool?


I'l take the 12/15 SPCB one, too. (C might be a G)

Tommy5454's picture

Does anyone else think about what it would be like to open up ZH one morning and read "Germany has left the Euro." Maybe I'm weird. They challenged the global aristocracy twice in the 20th century, why wouldn't it be them in the 21st?

Rincewind's picture

Yep. I wonder the same thing every morning, among other things.

a growing concern's picture

I just dream about the mornings that our favorite deer will make an appearance.

AssFire's picture

I am always ready to hear that and I KNOW I will one day or another.... Then, when I hear the markets are soaring due to European optimism- it makes me sick. I am waiting for all this made up bullshit to finally collapse. This game has become unbelievable, just like the impossible plans and promises of this government.

Tommy5454's picture

I agree. A lot of people I talk to say it's pathetic that you want it to collapse, asking how many people would be hurt? But does this slow erosion of freedom (economic and otherwise) do anyone any favors? I would much prefer that the sheeple wake up now but if it requires a huge, sudden mess, then that is what I root for.

CClarity's picture

Yikes!  There is going to be a failed auction among this group and then all the political posturing won't "fix it".  The bond mavens have been circling and circling and the leader is getting ready to land.  Then they'll all descend to start the feeding frenzy.  Get out of the way of the banks.  They can't sell their assets fast enough to clear the capital calls.

mynhair's picture

Just a?

Place yer bets.

CClarity's picture

Good point, there will be many.  But it takes a first one to really set the stampede in motion.


lineskis's picture

Italy to close the year. It couldn't have been any better... Happy NYE, 2012 is coming =)

Pablo Escobar's picture

Not sure were to put this, but this should be highlighted on Zero Hedge....


Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on the brink of bankruptcy. In his memorable formulation: every province in China is Greece.

Ecoman11's picture

Man...Tyler nailed the 3am thing. Even my espresso machine is tired at that hour.

mynhair's picture

Crap, on 11/16 Schatzie gets auctioned.......

Die Deutschland is getting serious, and throwing in their pets.

All to save Italy?

lizzy36's picture

Somehow the line that best applies to the majority of these POS auctions is:

I wouldn't touch you with a
Thirty-nine and a half foot pole

tim73's picture

Eurozone debt is usually 1-3 billion euros per auction. That is nothing when USA is trying to get 15-35 BILLION dollars every time! This eurozone debt "crisis" is all bullshit.

mynhair's picture

I'd like to see Belgium try and float a 5 billion fiatsco auction.

tim73's picture

IF US auctions start to fail big time soon, it will mean they have to print about 75 billion dollars EVERY MONTH. I'd bet most of that new money would go to M1 fast money supply, which is now about 2100 billion dollars.

So by winter 2012 the annualized inflation rate on daily things you need (bought by M1 money) would be about 30-40 percent. Welcome to Northern Argentina. I just cannot see how USA could continue issuing this much debt every month much longer. China has stopped buying and who is left. Europeans are going home and Japan...they got rebuilding after tsunami to take care of.

mynhair's picture

US auctions can't fail.  That is what PDs are for, and why the internals are so important.

The Fed repos all excess within 45 minutes.

But that ain't 'monetizing' cuz someone else bought the shit first.

tim73's picture

Primary Dealers:

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

- Effective October 31, 2011, the Federal Reserve Bank of New York has terminated MF Global Inc.'s status as a primary dealer."

How many "Effective"-clauses there will be soon...

mynhair's picture

Lots, so what?  The 'scam' will be done by then.  All hail Taxpayers!


chump666's picture

...think of Europe re: hyper inflation.  Some inflation traders are kinda obsessed with the 'they will print forever etc"  The Fed will, the ECB won't.  As if Germany, that is most likely close to a tech recession, wants oil over 100?  France that is probably in a recession also doesn't want oil at 100 +.  I would bet on the EU breakup very soon.  100% on the cards. 


chump666's picture

and Hungry etc etc etc

and if the ECB go all in, Germany will leave the EU next week

mynhair's picture

Damn, now I'm hungry, and still need to check USDHUF.

surf0766's picture

Is there a count of auctions from the past 2-4 years to compare to for Nov and Dec?  How much higher is higher?

mynhair's picture

Is 'Bids in Time' GMT, or local?

Need another Schatzie.

chump666's picture

Totally broken bond market.  Traders are making weird trades, just a mess, Gold dip then buy about 3hrs agao was bizarre probably a HFT lost the plot. 

mynhair's picture

Hmmmm, my physical didn't move.  Maybe you need glasses.

chump666's picture

maybe i do butnut.  but y'know seeing gold shift from 1780 to 1766 in was a HFT.  it was a 3:00am trade.  looks like a machine and its coming for your physical hahah just messin with ya. 

mynhair's picture

Whoopie shit, like you trade that paper, or have access to do so.

Go watch MSLSD.

chump666's picture

um yeah i do..gawd there are some losers on ZH

lolmao500's picture

France selling bonds at 2%??? LOL they won't sell anything!

DrunkenPleb's picture

Christ on a bicyce, did I read this right? Japan is estimated to be auctioning 6 trillion... over the next TWO WEEKS?!?

mynhair's picture

In Yen.

About what they pissed away on currentsea intervention.

catch edge ghost's picture

Yeah but most of it is in metric. It's prolly not as much in english.

Tanz der Lemminge's picture

where is Portugal in those lists?

mynhair's picture

Nice to c 1 aware of the major export.  The wine isn't bad, either.

mynhair's picture

They ain't stupid.  Their auctions were early when the getting was good.

chump666's picture

and now the USD bids are coming in, same time Asian trading, gold selling, metals down.

Jim in MN's picture

Yo, Syria gettin' hot too:

Syrian soldiers killed as crisis accelerates

BEIRUT (AP) — Army defectors ambushed dozens of Syrian troops and regime forces gunned down civilians during one of the bloodiest days of the 8-month-old uprising, which appeared Tuesday to be spiraling out of President Bashar Assad's control.