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US Sanctions Russia, First Tranche Start Wednesday

US TSYS
US Tsy trade mixed after the bell, curves flatter with long end outperforming, stocks well off late session lows (SPX emini -25.0 at 4317.0), Gold weaker -5.84, WTI crude gained $1.28/bbl to 92.35.
  • Markets reacted the way one would expect following the Russia/Ukraine news last night: gap bid in rates/safe havens on Russia formally recognizing and in short order inserting "peacekeeping" forces into Ukraine separatist regions of Donetsk and Luhansk.
  • Risk-off/safe-haven support evaporated through the session -- perhaps tied to to measured response via sanctions from US and allies lending to relative calm, Pres Biden annc sanctions similar to EU later in the session: 'We are implementing full blocking sanctions on VEB and military bank. Comprehensive sanctions on Russian sovereign debt. Russia can no longer raise money on US or EU markets.'
  • Decent 2Y note sale, short end Tsy futures held weaker but off lows after $52B 2Y note auction (91282CEA5) small stop through: 1.553% high yield vs. 1.57% WI; 2.64x bid-to-cover vs. last moth's 2.81x, well over five auction avg: 2.56x.
    • Indirect take-up: eases to 65.58% vs. 66.00% in January;
    • Primary dealer take-up falls to 15.65% vs. 24.61% last month;
    • Direct take-up: climbs to 18.77% vs. last month's 1+ year low of 9.39%
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