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Give Peace a Chance, Say Bye to QE, Hello to $30B ATT/Discovery Debt

US TSYS
Tsys holding weaker levels after the bell, 30YY hitting 2.3014% high, risk-on (risk-off unwind) gained momentum as markets clung to hopes of a diplomatic solution to Russia war in Ukraine.
  • FI markets opened weaker, Tsys following Gilts lower in early London trade. De-escalation hopes tied to Russia officials claims no intention of toppling the Ukrainian government, preferring to achieve goals via talks.
  • Mood carried through midday US trade on headlines Ukraine ready for diplomatic solution to strife, according to Pres Zelensky aide. Move tempered after aide added security guarantees are required while Ukraine "Won't Trade `Single Inch' Of Territories".
  • Tsy futures gaps lower/bounces slightly after $34B 10Y note auction re-open (91282CDY4) tails slightly: 1.920% high yield vs. 1.915% WI; 2.47x bid-to-cover off last month's 2.68x.
  • Aside from the Tsy 10Y re-open, markets absorbed $30B in the forth largest corporate debt issue on record: ATT/Discovery deal main focus in corporate spheres this week. In early February, ATT announced early they would spin off WarnerMedia in a $43 billion transaction to merge media properties with Discovery. Today's 11-part mega-deal: Magallanes, Inc (aka Spinco -- wholly owned T sub under a registration statement filed last Nov) will converts automatically after the divestiture to WarnerMedia Business.
  • Final NY Fed purchase operation: After 1,780 operations and nearly $6T in securities bought, NY Fed's last purchase operation of Tsy 2.25Y-4.5Y, accepts $4.0001B vs. $17.398B submission. MBS buy-backs to continue through the end of the week.
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