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How ransomware attack on ICBC rattled the Treasury market and shook up a 30-year bond auction

It was a trading day unlike any other for traders in the $25 trillion Treasury market, with a 30-year bond auction seen as having been partially undermined by a cyberattack on the U.S. unit of a Chinese bank.In recapping Treasury’s poorly received $24 billion bond auction on Thursday, traders said the weaker-than-expected results likely had at least something to do with this week’s ransomware hit on the American arm of Industrial & Commercial Bank of China, known as ICBC. That attack reportedly caused disruptions across the market and had some impact on liquidity, with the Financial Times citing unnamed sources as saying…

Original Source: https://www.marketwatch.com/story/how-ransomware-attack-on-icbc-rattled-the-treasury-market-and-shook-up-a-30-year-bond-auction-74e8d5b0?mod=vivien-lou-chen