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Curve Flattens On Monday

US TSYS
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TYH3 deals at 114-24, +0-02, in line with levels seen in late NY dealing.

  • Cash Tsys were 2-6bp cheaper across the major benchmarks on Monday, as the curve flattened.
  • Further hawkish ECB speak was the catalyst for pressure on Tsys, while set up for this week's Tsy supply was also touted, alongside a building IG$ issuance slate.
  • Screen sellers, as volumes ran below average due to the Lunar NY holiday, helped extend the move lower, while block flow was mixed in directional bias terms.
  • The space looked through the leading indicator print, which printed marginally weaker than expected.
  • Tsys then firmed off lows in the NY session, respecting tight ranges, as the USD weakened into the London FX fix, before drifting lower again.
  • PMI data from Japan headlines today's Asia-Pac session. China, Hong Kong & Singapore remain closed due to the Lunar NY holiday, wider regional liquidity will be affected as a result. Further out we have PMIs from the U.S. as well as Philadelphia Fed Non-Manufacturing Activity and Richmond Fed Manufacturing Index. On the supply side we have the latest 2-year auction.
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TYH3 deals at 114-24, +0-02, in line with levels seen in late NY dealing.

  • Cash Tsys were 2-6bp cheaper across the major benchmarks on Monday, as the curve flattened.
  • Further hawkish ECB speak was the catalyst for pressure on Tsys, while set up for this week's Tsy supply was also touted, alongside a building IG$ issuance slate.
  • Screen sellers, as volumes ran below average due to the Lunar NY holiday, helped extend the move lower, while block flow was mixed in directional bias terms.
  • The space looked through the leading indicator print, which printed marginally weaker than expected.
  • Tsys then firmed off lows in the NY session, respecting tight ranges, as the USD weakened into the London FX fix, before drifting lower again.
  • PMI data from Japan headlines today's Asia-Pac session. China, Hong Kong & Singapore remain closed due to the Lunar NY holiday, wider regional liquidity will be affected as a result. Further out we have PMIs from the U.S. as well as Philadelphia Fed Non-Manufacturing Activity and Richmond Fed Manufacturing Index. On the supply side we have the latest 2-year auction.