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Block Flow Facilitates Some Light Cheapening

US TSYS

Cash Tsys are 0.5-2.0bp cheaper across the curve, with the 7- to 10-Year zone leading the weakness. TYZ2 deals -0-02+ at 112-01+, 0-01 off the base of its narrow 0-06+ range, after the contract tested Monday's high on the back of the previously alluded to PBoC liquidity adjustments.

  • A couple of block sales in TY futures aided the pullback from best levels.
  • Soft Chinese data did little for the space.
  • Headlines from the ongoing G20 meeting have done little to alter the macro backdrop.
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Cash Tsys are 0.5-2.0bp cheaper across the curve, with the 7- to 10-Year zone leading the weakness. TYZ2 deals -0-02+ at 112-01+, 0-01 off the base of its narrow 0-06+ range, after the contract tested Monday's high on the back of the previously alluded to PBoC liquidity adjustments.

  • A couple of block sales in TY futures aided the pullback from best levels.
  • Soft Chinese data did little for the space.
  • Headlines from the ongoing G20 meeting have done little to alter the macro backdrop.