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Cheapening Extends A Little

US TSYS

The early cheapening in Tsys has extended in recent trade, there has been no overt headline driver for the move. TYH3 sees support come in ahead of 115-11+, the high from Dec 13 and a recent breakout level, and currently deals at 115-14+, -0-06, after showing as low as 115-12+. Cash Tsys are 2-3bp cheaper across the major benchmarks with the 7s leading the cheapening.

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