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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

 

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Fri, 05/11/2012 - 07:14 | 2416564 Harlequin001
Harlequin001's picture

At first I thought it was a serious article but then I saw this

'Greece to sell bills'

Harumpphhh!

Fri, 05/11/2012 - 07:17 | 2416579 Al Capowned
Al Capowned's picture

Who would not want to invest in these bonds when you can make a average -2-5% real coupon return after adjusting for CPI!

Liquidate your PM's and get involved!

 

Fri, 05/11/2012 - 07:25 | 2416597 Harlequin001
Harlequin001's picture

alternatively of course I could just go stuff my money down a grid...

Fri, 05/11/2012 - 07:29 | 2416602 sumo
sumo's picture

"U.K. to sell GBP 1.5b 5% 2014 bonds"

5%? Holy Fail Whale, Batman. Get Bruno MadSkillz on the phone. The Morgue's good for a few hundred billion.

 

Fri, 05/11/2012 - 07:30 | 2416603 sumo
sumo's picture

dup

Fri, 05/11/2012 - 07:30 | 2416607 disabledvet
disabledvet's picture

Canada has a HUGE property bubble...how that thing gets managed should be interesting. Europe is simply a "fire sale in the waiting." They have kept the US Army out of Greece (for now...and mistakenly in my view), China is either "merely slowing" or "is hitting the mother of all brick walls" (plunging yields on treasuries say stop with the paranoid market manipulation baloney and start with the "brick wall in china" scenario), blah-blee-blah-blee, blah. The ONLY form of Risk Management is QUALITY, ACCURATE AND TIMELY INFORMATION THAT IS WELL RECEIVED BY RISK MANAGERS. The problem for the TOTALITY of Wall Street AND Washington TOGETHER is the last: "they simply have no interest in bad news because that's your problem not their's." Well...in Agoraphopa Nation "we can build whole new cities if we have to." And we have i might add...and "not just in the USA but in Iraq, Afghanistan...

Fri, 05/11/2012 - 08:01 | 2416658 Alex Lionson
Alex Lionson's picture

Dear Tyler, you forgot to mention this one:

Tuesday May 15

Greece also defaults on its UK-Law bonds...

Fri, 05/11/2012 - 15:54 | 2418431 dannyboy
dannyboy's picture

Read the title of the article again, then once more just to let it sink in.

"Previewing Europe's Heavy Sovereign Issuance Flow"

Issuance, has nothing to do with repayment or servicing of debt. So they didn't forget to mention it, just was not relevant to the article.

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