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Fresh Pressure Seen On Tsy Short End Block Seller & Break Of Previous Session Cheaps

BONDS

Cheapening pressure reloads after the previously alluded to stabilisation gives way. Nothing in the way of overt fresh headline flow has crosses, although the block sale in TU futures (-10,575 lots) and breach of previous session cheaps across the major benchmarks will be aiding momentum. Tsys sit 3-7bp cheaper across the curve, bear flattening, while Bund & Gilt futures remain above session lows, with the wider Bund curve twist steepening and Gilts bear flattening.

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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