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ECB BLS & TY Block Buy Drive Further Richening

US TSYS

Details released within the latest ECB Bank lending survey (which pointed to Eurozone credit standards seeing “further substantial net tightening”), inflation and headline dynamics in the peripheral Eurozone manufacturing PMIs and the previously covered TY block buy (+4.5K) allow Tsys to firm further through early European trade. TYM3 deals +0-11, just off the peak of its 0-13+ range, while cash Tsys are 3.5-5.5bp richer, with intermediates leading the richening. Eurozone flash CPI (due in ~45 minutes) presents the next major focal point for participants.

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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