Free Trial

Ebb and Flow, Tsys Off Recent Lows

US TSYS

Tsy yields off recent mid-morning highs, 30YY currently 2.2601 (+0.0230) vs. 2.2927%, trading desks pointing to Newsweek article portending Russia full-scale invasion of Ukraine within 48 hours (see 1010-1013ET bullets). Yield curves steepening off flatter levels, 5s30s currently 38.188 (+1.081).

  • But what spurred the prior selling? Trading desks partially citing rate lock sales on surge of swappable corporate debt issuance even though size of issuance has yet to be announced.
    • Date $MM Issuer (Priced *, Launch #)
    • 02/23 $Benchmark Weyerhaeuser 11Y +170a, 30Y +205a
    • 02/23 $Benchmark Wells Fargo 11NC10 +160a
    • 02/23 $Benchmark Aon Corp +5Y +120a, 30Y +190a
    • 02/23 $Benchmark Centerpoint 10Y +130a, 30Y +160a
    • 02/23 $Benchmark PSP Capital 3Y FRN/SOFR +25
    • 02/23 $Benchmark Bio-Rad 5Y +170a, 10Y +200a
    • 02/23 $Benchmark AutoNation10Y +200a
    • 02/23 $500M Archer-Daniels Midland 10Y +120a
    • 02/23 $1B Twitter 8NC investor calls
    • 02/23 $Benchmark Rep of Chile investor calls

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.