Previewing Europe's Heavy Sovereign Issuance Flow

Tyler Durden's picture

JP Morgan may suddenly be finding itself in deep doodoo, with wide-ranging implications for what this huge prop trading loss means for other less than "fortress balance sheet" banks, all of whose trading blotters are surely riddled with comparable attempts at picking pennies in front of steamrollers, but at least "Europe is fine" and its banks are "solvent". So as a reminder, here is what Europe can look forward to next week: in a word - one of the heaviest bond issuance weeks so far in 2012. And no, these are not slam dunk Bills maturing inside the LTRO. Good luck Europe.

  • Monday May 14
    • Spain to sell 12- and 18-mo bills
    • Italy to sell up to EU3.5b 2.5% 2015 bonds
    • Italy to sell 4.25% 2020 bonds
    • Italy to sell 5% 2022 bonds
    • Italy to sell 5% 2025 bonds
    • Germany to sell EU4b 6-mo bills
    • France to sell up to EU4b 92-day bills
    • France to sell up to EU1.9b 168-day bills
    • France to sell up to EU1.5b 351-day bills
  • Tuesday May 15
    • Greece to sell bills
    • U.K. to sell GBP2.75b 5% 2025 bonds
    • EFSF to sell up to EU1b 2% notes due 2017
  • Wednesday May 16
    • France to sell 0.75% 2014 notes
    • France to sell 3.5% 2015 bonds
    • France to sell 3.25% 2016 bonds
    • France to sell 1.75% 2017 notes
    • Germany to sell additional EU5b in 10-yr notes
  • Thursday May 17
    • Spain to sell bonds
    • U.K. to sell GBP 1.5b 5% 2014 bonds

Source: Bloomberg