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Losses Pared On Banc of California In Advance Talks To Buy PacWest

US TSYS
  • Cash Tsys pare losses on news that the Banc of California is in advanced talks to buy PacWest, news that drove the KBW banking index to session lows and saw PACW shares tumble some 27% after pausing for volatility.
  • Yields have dropped 1-2bps, with greater sensitivity at the front-end and belly to any bank jitters, leaving the curve 2-5.3.5bps higher on the day.
  • TYU3 climbs off joint session lows of 111-17+ to 111-21 for back towards the middle of the day’s range on a decent uptick in volumes but still on relatively subdued volumes of 1M. It earlier move stopped short of support at 111-11 (61.8% retrace of Jul 7-18 rally) as the corrective pullback extends.
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