A Touch Cheaper, But Tight

The space has held to a narrow range thus far, with no tangible reaction to a BBG source piece pointing to a (near enough) imminent round of sanctions that the U.S. is set to impose on Russian individuals and entities. Broader headline flow has been light since the re-open, with T-Notes sticking to a 0-03+ range, last -0-01 at 131-28+, while cash Tsys print unchanged to 1.0bp cheaper across the curve. Recent headlines noted that the marketing of Tencent's 4-part US$ issuance, comprising of 10-, 20-, 30- & 40-Year paper, is underway. The deal was flagged earlier this week and could price as early as today.