Bid Observed

Tsys firm a touch in recent trade. There hasn’t been much in the way of overt, meaningful headline flow that has crossed, although a RTRS story which hasn’t seen much circulation has noted that “Ukrainian troops, on the defensive for four months, will soon launch a counterassault as Russia's huge winter offensive weakens without capturing the eastern city of Bakhmut, Ukraine's top ground forces commander said.” This may have provided some impetus for the bid, although it is hard to be sure. TY trades to fresh session highs before paring back a touch, while wider cash Tsys run 1.5-2.5bp richer at typing, with some incremental bull steepening observed.