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US TSYS

TYM2 has ticked lower, with a lack of clarity surrounding the previously outlined Russian bond coupon payment issues meaning that markets haven’t been able to definitively act on the earlier headline flow (as the U.S. Tsy blocked U.S. institutions from processing payments related to Russian US$-denominated debt), even with Russian default risk seemingly moving higher. That leaves the contract +0-02+ at 122-05+, sticking within a tight 0-06 range. Cash Tsys run 1bp richer to 1bp cheaper across the curve, twist steepening around the 7- to 10-Year zone.

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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