European sovereigns and financials must redeem more debt in June/July than in any other two-month period over the next two years $FXE

 

Europe debt sales - June/Jul very busy - European sovereigns and financials must redeem more debt in June/July than in any other two-month period over the next two years. The next six weeks are the crunch period for currency markets, as it marks the heaviest two-month period of European sovereign and bank refundings over the next two years. June’s combined redemptions total €215bn (€118bn sovereign, €97bn financial), and July’s are €275bn (€188bn sovereign, €87bn for financials). Only a third of sovereign issuance and a fifth of financials issuance is from the periphery, but coming at a time when core markets are also generating such high supply, there are decent odds that some auctions and placements do not run smoothly.