Spds continue to unwind late 2019..........>

US SWAPS: Spds continue to unwind late 2019 widening, 5Y nearly inverted again

after hitting widest levels since May 2019 into year end. Decent swap-tied flow

coming into the session includes better receivers in 2s, 3s, 8s and 9s, includes

mixed fly action: 2s8s9s payer and 7s8s9s receiver flys. Should start seeing

deal-tied hedging as swappable corporate supply returns. Current spd levels:

Mon Open    -1.75/+6.88    -1.50/+0.44   -1.62/-5.25    -1.56/-32.81

Mon 0715    -1.38/+7.25    -0.94/+1.00   -1.38/-5.00    -1.50/-32.75

Fri 1500    -1.12/+9.06    -0.38/+2.12   -0.38/-3.56    -1.06/-31.25

Fri Open    -0.44/+9.75    -0.44/+2.06   -0.56/-3.75    -0.94/-31.12

Fri 0745    -0.38/+9.81    -0.38/+2.12   -0.56/-3.75    -0.94/-31.12

Friday recap: Spds running tighter, adding to Thu's reversal, wings were

outpacing intermediates for much of session but flurry of late paying in

intermediates to long end helped 5s-30s rebound slightly. Decent flow kicked off

w/better receiving in 2s, 5s and 7s earlier, flurry of rate paying in

intermediates by midmorning followed by another round of receiving in 7s, 8s and

9s last hour.