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Muted Start

US TSYS

Cash Tsys have opened flat to 1bp cheaper in a muted start to Mondays trading. TYH3 deals at 115-01+, 0-00+, with a narrow 0-02 range observed thus far today.

  • Participants will have one eye on the BoJ’s 5-Year offering through its Funds-Supplying Operations against Pooled Collateral channel. The parameters of these operations were tweaked at last week’s BoJ meeting, essentially providing a deeper backstop for the BoJ’s YCC mechanism.
  • A reminder that the Lunar NY Holiday in China will affect wider regional liquidity this week.

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