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Cash tsys have opened dealing 1-3bps cheaper across the major benchmarks, the curve has bear flattened. Tsys are pressured by the aforementioned BBG source report from Friday which suggested that US authorities are considering expanding an emergency lending facility for banks in ways that would give First Republic Bank more time to shore up its balance sheet. CNBC also noted at the weekend that deposits moving from smaller regional banks to big institutions have slowed to a trickle in recent days.

  • TYM3 deals at 115-31, -0-04+, with a 0-09+ range observed thus far.
  • A thin docket in Asia today leaves local participants on headline watch.

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