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Familiar Omicron Worry Provides A Bid

US TSYS

U.S. Tsys have richened in recent trade, likely drawing support from the same story that is weighing on e-minis re: the transmissibility/evasive capabilities of the omicron variant (we have gone into this in more detail in the bullet covering the move lower in equities). There isn’t much to surprise in the article itself, but the evasive capability of the COVID strain when it comes to infecting the vaccinated/previously infected is the source of the bid. TYH2 has registered an incremental fresh session high on the wider dissemination of the story, last dealing unch. at 130-06+, while cash Tsys run flat to 2.5bp richer on the day, with 20s leading the bid.

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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