Long end leading spds rebound off early....>

US SWAPS: Long end leading spds rebound off early narrows, directional with

modest rise in Tsy ylds last half hour. Generally modest swap-tied flow last

couple hours, 3s7s10s payer fly after the open, switch in 5s, payer in 7s,

dearth of deal-tied hedging. Latest spd levels:

Time (ET)  2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid

0915       -0.03/+6.25    +0.02/+0.88   +0.06/-4.00    +0.38/-32.00

Thu Open   -0.16/+6.12    -0.42/+0.44   -0.25/-4.31    +0.25/-32.12

Thu 0700   -0.16/+6.12    -0.42/+0.44   -0.25/-4.31    +0.25/-32.12

Wed 1500   -0.31/+6.31    +0.38/+0.88   +0.31/-4.19    +0.25/-32.25

Wed Open   +0.06/+6.69    +0.00/+0.50   +0.19/-4.31    +0.00/-32.50

Wednesday recap: Spds running mostly wider after the bell, intermediates to long

end leading move on decent deal-tied paying and receiver unwinds, into midday,

payer unwinds in 10s and 30s late.