Spds broadly wider after the bell,.........>

US SWAPS: Spds broadly wider after the bell, little off midday wides with

intermediates to long end outperforming. Couple factors at play -- lack of

swappable supply as virus pandemic angst continues to keep issuers sidelined,

same mkt vol spurring tactical rate paying from fast$ and props, touch of

negative convexity hedging late as 10YY fell to new all-time low of 1.2988%

before rebounding. Latest levels:

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

Wed 1500   +0.31/+4.44    +1.00/+0.75   +1.19/-5.31    +1.38/-37.12

1230       +0.38/+4.50    +1.12/+0.88   +1.31/-5.19    +1.50/-37.00

1000       +0.06/+4.19    +0.88/+0.62   +1.12/-5.38    +1.25/-37.25

Wed Open   +0.12/+4.25    +0.56/+0.31   +0.69/-5.81    +0.25/-38.25

Tue 1500   +0.69/+2.00    +1.12/-0.25   +0.50/-6.50    -1.00/-38.50

Tuesday recap: Spds running mostly wider, off highs, 30Y collapsing late. Spds

pared early gains after surge in swap-tied paying/receiver unwinds around 0900ET

in 2s-10s, flow turning more two-way over last hours, some deal-tied and

pre-auction short sets well ahead the 2Y note auction.