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Spds holding mildly tighter, off opening...>

US SWAPS
US SWAPS: Spds holding mildly tighter, off opening levels amid decent
cross-current flow in 2s and 5s since the open, otherwise relatively quiet ahead
$35B 2Y note auction. Latest spd levels:
* 2Y  -0.19/21.44
* 5Y  -0.06/13.31
* 10Y -0.06/5.06
* 30Y -0.12/-7.88
Monday recap: Spds running tighter by the bell, just off session lows. Decent
flow as rates continue to bear steepen, buyers absent heading into midday.
Pick-up in swappable corp supply (notably in 5Y sector). Flow over the last hour
includes flatteners in 2s vs. 5s and 7s, 2s5s10s fly/receiving belly. Outright
flow, >$1B nominal receiver in 1s, receiver in 2s at 2.840%, two-way in 5s
around 2.945-2.9555%.

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