Sudden tightening of Northern Trust 3.95% 2025 bonds (NTRS 25's) make them look cheap against peers. We highlight the dislocation against US Bancorp 2.375% 2026 (USB 26's). The bonds have on average traded in line with each other during the last 12 months but following the compression in NTRS 25's, USB 26's now trade 30 bps wider. The dislocation reached 36 bps on May 18th and has started to correct since then. Holders of NTRS 25's have the opportunity to take profits at 2 bps and switch into USB 26's, rated 1 notch higher, at 32 bps.