Risk-off and wider LIBOR/OIS in-line.......>

US SWAPS: Risk-off and wider LIBOR/OIS in-line with wider spds across the curve

this week -- short end at levels not seen in just over a year w/2Y spd cracking

13.0. Carry-over rate paying, receiver unwinds in 2s-10s this morning, 2s10s and

5s10s spd curve flatteners, light deal tied flow. Current spd levels:

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

1015       +4.62/+13.12   +3.25/+9.88   +3.75/+4.38    +0.75/-39.50

Fri Open   +3.25/+11.75   +1.75/+8.38   +3.12/+3.75    +0.50/-39.75

Fri 0745   +4.00/+12.50   +1.75/+8.38   +3.12/+3.75    +0.50/-39.75

Thu 1500   +2.19/+7.75    +0.25/+6.25   +0.56/-0.19    -0.50/-41.06

Thursday recap: Mostly wider after the bell, 2Y off late morning highs. Short

end spds continued to surge wider by midday (10Y dis-inverts back to early 2019

levels), pulling much of the spd curve higher w/the exception of 30Y. Heavy

two-way in 2s-5s amid better rate paying on net, some payer unwinds in the mix,

2s10s spd curve flatteners, decent deal-tied selling as well.