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A Touch Cheaper

US TSYS

Tsys have cheapened a touch, potentially on the back of a BBG sources piece which suggested that the U.S. Tsy’s move to block Russia US$-debt payment via U.S. banks doesn’t necessarily mean default, although that is listed as one of the potential aims of the move, with other options available to Russia including a drain of US$ reserves held in Russia or spending freshly acquired revenue. TYM2 is -0-00+ at 122-02+, 0-01 off lows, while the long end continues to lead the cheapening, with benchmark yields little changed to 2bp higher on the day.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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