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After a tighter start. spds are running....>

US SWAPS: After a tighter start. spds are running steady to mildly wider in the
intermediates, long end outperforming. Levels within a point of where they ended
a week ago despite massive influx of swappable corp/supra-sov supply this week
($69B! vs. $30B est), not to mention Tsy issuance. As usual, late week
high-grade issuance evaporated today, set to resume next week. Session flow
included two-way curve action in shorts to intermediates, 2s5s10s flys/receiving
the belly. Early flow included $300.4k 8Y-9Y-10Y Fly, paying belly, $140mln
payer of 2Y at 2.17375%, $149.1k DV01 10Y-15Y STEEPENER. Overnight repo special
in 10s extended further into fail territory, -2.60%, stemming potential
narrowing. Latest spread levels:
* 2Y  +0.00/19.19
* 5Y  +0.12/4.56
* 10Y +0.06/-0.88
* 30Y +1.12/-19.62

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