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Some Early Cheapening Observed

US TSYS

The previously outlined downtick in the ACGB space and cash Tsy traders reacting to the post-holiday weekend cheapening in futures has seemingly weighed on the space since the top of the hour, with TYU2 tagging a fresh session low. The contract trades 0-01+ off the base of its session range, -0-12 at 115-26, while cash Tsys run 6-8bp cheaper across the curve, bear steepening in the process.

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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