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Early Bear Flattening Momentum Holds

US TSYS

The early London cheapening move in Tsys on the trip through overnight cheaps consolidates with the major benchmarks running 2-5bp cheaper and bear flattening remaining in play.

  • TYU3 sits -0-12+, 0-01+ off its current session low.
  • Flow has been dominated by the previously outlined 10K block buy in the FVN3 108.00 puts, which was lifted vs. the FVN3 110.00 calls, although it wasn’t just downside exposure that was in demand, with the FVN3 108.25/109.75 call spread lifted on ~7K.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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