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Remaining Underpinned

US TSYS

The bid in Tsys is proving to be a little stickier than that seen in Bunds, although it was lower in magnitude from peak to trough. That leaves TYU2 +0-19+ at 117-10, while cash Tsys run 2.5-6.0bp richer across the curve, with the belly of the curve leading. Swaps spreads are generally a touch tighter on the day (although most are less than 0.5bp tighter), suggesting that receiving flows may be lending some light support.

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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