Once again, please find below a list of the eventful days ahead. The main sources are Unicredit’s Weekly Focus, Forex Trading weekly calendar, the EU’s general calendar, the EU’s national issuance calendar and many others, all of which I advise you to consult directly. I found Unicredit’s to be the most complete and accurate freely available one, so I present it to you below (many thanks to them and specially to Nikolaus Kei for compiling this). For once, there’s very little to look forward to next week.
- The possibility of a reconsideration that the Greek PSI actually does amounts to a “credit event”, sometime from Thursday onwards.
- The Monetary Policy decision of the ECB on Thursday.
While there are some interesting data releases, they seem unlikely to add a lot of information. The most important event will be the ECB governing council meeting, where monetary policy makers are likely to hold the MRO at 1%. Moreover, I find it unlikely that the ISDA would trigger CDS payments by claiming that a credit event has taken place in Greece. To put it in rather cynical terms, I believe that the ECB (directly or indirectly) laid out the law of the land in early December 2011 and everyone, from governments to finance, has been toeing the line dictated from Frankfurt since then. As such, I find it extremely unlikely that the ISDA would behave inconveniently. As the calendar below shows, there are no interesting government bond auctions from the periphery, scheduled for the coming week. So the week ahead should be calm; expect plenty of hyperbolisms about irrelant stories or for the media industry to start focusing much more on what is going on in Syria.
Here is the debt auction calendar for the week ahead.
Monday, 05/03/2012:
Tuesday, 06/03/2012
- Austria is scheduled to auction €1.1 Bn in 10 year bonds.
- Denmark is scheduled to auction sovereign bonds in 2 and 10 year.
- Netherlands is scheduled to auction at least €4 Bn in 20 year bonds.
- UK is scheduled to auction £ 1 Bn in treasury Gilts maturing in 2034.
Wednesday, 07/03/2012
- Czech Republic is scheduled to auction CZK 5 Bn to CZK 7 Bn bonds, at 4.6% and 4.2 % coupons each, maturing in 2018 and 2036.
- Germany is scheduled to auction around €4 Bn in sovereign, maturing in 5 years.
- Sweden is scheduled to auction SEK 2.5 Bn with a 3.75% coupon, maturing in 2017.
- The UK is scheduled to auction £ 4 Bn in treasury Gilts maturing in 2017.
Thursday, 08/03/2012
Otherwise, just keep checking the news and the blogosphere. For the bond auctions’ results, I recommend that you keep an eye on MNINews and RTTNews.
Have a good week!
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Previous Weeks:
- Week ahead Calendar: 27/02/2012 to 01/03/2012: M3, Italian and Spanish bond auctions, LTRO and CPI
- Week ahead Calendar: 20/02/2012 to 24/02/2012: Greece, PSIs, Finance Ministers’ Meetings, Forecasts and Italian Debt Auctions
- Week ahead Calendar: 13/02/2012 to 17/02/2012 – GDP figures and Spanish & Italian auctions
- Week ahead Calendar: 06/02/2012 to 10/02/2012 – Calm week?
- Week Ahead Calendar: 27/01/2012 to 03/02/2012 – Schedules and Optimism
- Week Ahead Calendar: 20/01/2012 to 27/01/2012 – Schedules and Optimism
- Week Ahead Calendar: 20/01/2012 to 27/01/2012 – Schedules and Hopes
Place du Luxembourg 