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Still Contained, Slightly Cheaper On Biden-Xi Call

US TSYS

The Tsy space is still relatively unmoved given the lack of clear, positive progress in the aforementioned Biden-Xi phone call, with the readouts from both sides only providing broad the brushstrokes of the dialogue. Still, the space has cheapened a little on the prospect of increased direct dialogue between the two Presidents, but the moves have been very limited. T-Notes have stuck to a 0-03 range during Asia-Pac dealing, last trading -0-02+ at 133-13+. Cash Tsys run unchanged to ~1.0bp cheaper on the day, with a marginal steepening bias evident.

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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