The Horror... The Horror: European July, August Sovereign Bond Issuance Calendar
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:
July
August:
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
Scratch that.
As a reminder 7% is and has always been a very magic number for Europe:
Full forward bond issuance:
July
- 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.
- 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.
August:
- 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
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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