Europe 2010 Paper Supply: €5 Billion Down, €1 Trillion To Go

Today Greece priced €5 billion in 10 year bonds, and much was said about the resulting imminent renormalization of European debt capital markets. That's excellent, because as the following chart (which is a summary of bond issuance compilations demonstrated previously on Zero Hedge) demonstrates, Europe will need it- the continent is facing the highest net ($422 billion) and gross (€1 trillion) issuance in the past decade (and that excludes Greece). We wish Europe all the best.

A detailed view of the redemption schedules in Europe (contrasted with the US) in absolute and relative terms yields the following charts. Italy, Spain, France, Germany, Portugal, Belgium and the Netherlands all have about 20%, and in some cases more, of their total debt maturing this year. That's some serious rolling. Yet nobody in Europe has as precarious an average maturity schedule as the US, which at 4.4 years is nearly 1 year shorter than the next closest, the Netherlands.

Charts: Morgan Stanley


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