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Belly Continues To Unwind Some Of Last Week's Underperformance

US TSYS

The stabilisation/bid in play in U.S. Tsys since Friday has allowed the belly to start unwinding some of the underperformance witnessed at the backend of last week, with 5s richening by a little over 4bp on the 2-/5-/10-Year fly today.


Fig. 1: U.S. 2-/5-/10-Year Tsy Butterfly

Source: Bloomberg

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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