Euro Nations Have Covered 90% of Planned 2010 Bond Sales, UniCredit Says

Euro-area countries sold 70 billion euros ($97 billion) of bonds in October, meaning they have covered 90 percent of their funding needs for the year, according to UniCredit SpA.

The new supply compared with 90 billion euros in September and pushed total sales for the year so far to 870 billion euros, Chiara Cremonesi, a market strategist at UniCredit in London, wrote in a client note today. Net supply increased to 37 billion euros from 9 billion euros in September after governments paid back 48 billion euros less, she wrote.

The 16 countries that share the euro may issue between 64 billion euros and 71 billion euros of debt next month, compared with a monthly average of 87 billion euros, Cremonesi wrote.

To contact the reporter on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net

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