Spds grinding tighter across the curve,....>

US SWAPS: Spds grinding tighter across the curve, front end still off late Feb

lows around 8.5 (3-year lows) while 30Yr spd extends inversion -- dragging 10Y

tighter/inverting as well for first time since early 2018. Incoming supply is

not a factor today (but has been heavy last 6-8 weeks. First half flow includes

decent rate paying in 2s, near $1B from 2.560-2.5589%, receivers in 3s at

2.48994%, moderate receivers in 10s around 2.5785-2.5935%; mixed flys: 2s3s4s

and 3s5s10s payer flys, 3s4s5s receiver fly. Latest spd levels:

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

10:45       -0.31/10.00   -0.50/5.06     -0.69/0.00    -0.81/-24.06

Wed Open    -0.06/10.25   -0.19/5.38     -0.31/0.38    -0.25/-23.50

Tue 3:00    -1.00/10.44   -0.75/5.62     -0.75/0.69    -1.19/-23.31

Tue Open    +0.25/11.69   -0.06/6.31     -0.06/1.38    -0.38/-22.50

Tuesday recap: Spds running tighter across the curve, wings just outpacing

belly. Second half flow includes receiver in 2s at 2.565%, better paying in 7s,

9s and 10s. Earlier flow included better receivers in 2s-5s; two-way flys

w/2s3s4s payer, 2s5s6s receiver.