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Still Cheaper, Albeit Off Lows

US TSYS

Cash Tsys are dealing 1.0-2.5bp cheaper across the major benchmarks. TYH3 deals at 115-04+, -0-03, after ticking away from the base of its 0-09 range.

  • The previously mentioned weakness in JGBs continued to weigh on Tsys in early Asia-Pac dealing, before a correction from session lows in more recent trade.
  • Participants will have one eye on the 5-year JGB auction due shortly, with the risk of further possible spillover if the auction does not clear smoothly.

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