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Off Best Levels, Holding Marginally Firmer

US TSYS

Tsys marginally extended on the bid that we fleshed out in previous bullets, with TYM3 topping out at 111-07+, before pulling back to last print +0-03 at 111-06, cash Tsys run flat to 0.5bp richer. While the previously alluded to annual Chinese GDP growth target (which was at the more attainable end of the spectrum) presented a fundamental reason for the bid in Tsys, several desks have flagged a greater willingness amongst Asia-Pac participants to cover shorts in lieu of that headline flow, Friday’s stabilisation/richening and ahead of the tier 1 event risk slated for the next couple of weeks.

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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