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Extending Initial Modest Bid On Reuters Swiss Headline

US TSYS
  • TYM3 slowly extending a move lower to now sit 16 ticks lower at 115-10 on the Reuters headlines on the Swiss government facing pressure from at least one major government to intervene on Credit Suisse.
  • It’s a little further off session highs of 115-31 but still up 1-15 for the day, having earlier easily pushed through Monday’s high of 115-13 before stopping just short of the round 116-00 after which sits 116-08 (Feb 2 high). Support seen at the intraday low of 113-08+.
  • Equally in cash space, at the front end, 2YY now trading -35bps on the day, up ~6bps post-headlines and 17bps off session lows.

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