As Europe gets ready to sell boatload of debt next week , keep in mind both Norway and China SWF have shut their wallets to buying further european debt.

http://www.zerohedge.com/news/previewing-europes-heavy-sovereign-issuance-flow

Previewing Europe's Heavy Sovereign Issuance Flow

Submitted by Tyler Durden on 05/11/2012 07:07 -0400

• Bond
 
• British Pound
 
• Fortress Balance Sheet
 
• Prop Trading

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 means, 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
  • and from the Guardian liveblog , data from europe won't exactly have debt buyers chomping at the bits.....
  • 
    
  • 10.33am: More on the figures from Brussels. The overall EU-wide budget deficit is seen coming in at 3.5% this year, down from 4.5%. Next year they say it will be 3.25%.
    Olli Rehn, the monetary affairs commissioner, also reckons that the UK economy will grow at 1.7% next year - the same as Germany.
    
    10.17am: Back again. Sorry for delay. Slight technical hitch.The EC forecasts make grim reading, especially for Spain.
    The EC says Spain will remain in recession this year and next unless it changes policies. Spain says it can reduce its budget deficit to 5.3% this year but that looks very difficult now with the EC forecasting it to come in at 6.4%.
    The EC says:

    Whereas the (5.3 percent) target of the central government should be within reach, deviations are projected at this stage for regional governments. This reflects the standard no-policy-change assumption and the fact that not all consolidation measures at regional level for 2012 have been specified yet.

    It has also revised down its forecast for growth in Spain from -1% in February to minus 1.8%. Tough to see where deficit-reducing growth is coming from there. 
    Also, the Commission forecast it would still contract by a further 0.3 percent next year.
    10.01am: The EC forecasts are out and they're none too pretty.

    It predicts that Spain's budget deficit will balloon to 6.4% of GDP this year compared with a previous forecast of 5.9%.

    Here are some other highlights:
    Portuguese deficit will be 4.7% (was 4.5%)
    Greece 7.3% (7%)
    Italy 2% (2.3%)
    France 4.5% (5.3%)
    Germany 0.9% (1%)