These auctions „will be an important test for investors‘ appetite for peripheral paper after Standard & Poor‘s negative outlook for Italy and the smashing defeat of Spain‘s governing Socialists in the recent regional elections,“ Commerzbank analysts said in a note.

Bond supply will total around €21 billion ($29.69 billion), with up to €8.5 billion from Italy and an estimated €200 million from Slovakia Monday, up to €8.5 billion from France Wednesday, and an estimated €3.5 billion from Spain Thursday.

That‘s up from a total of €9.05 billion of sovereign supply from Belgium, Germany and Italy this week.