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One of the larger receiver trades in a.....>

US SWAPS
US SWAPS: One of the larger receiver trades in a string of smaller front end
receiver flows helping keep spd curve steeper today. Spds have narrowed across
the board belly lagging. 
* $450M 2Y swap, 2.0500% at 1450ET. Early session flow remains light, appr $182M
5Y payer from 1.7930-1.7995% at 1002-1003ET, followed modest 3s4s5s ratio spd
fly. OTC and exchange traded option implieds lower across the curve. Latest
spread levels:
* 2Y -1.38/21.50
* 5Y +0.00/4.62
* 10Y -0.06/-5.31
* 30Y -0.75/-35.31

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