Spds mildly tighter for most part after....>

US SWAPS: Spds mildly tighter for most part after Mon's sharp narrowing on back

of nearly $28B high-grade issuance and better receiving on net. A lot less

issuance to contend with Tuesday (though Tsy to auction $38B 3Y notes), spd

holding to narrow range on lighter swap-tied flow: two-way in 5s, receiver in 7s

(1.6485), payer in 10s (1.7381%) into the NY open. Current spd levels:

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

Tue Open    +0.31/+6.75    -0.25/-0.69   -0.25/-6.25    -0.25/-34.75

Tue 0700    +0.38/+6.81    +0.06/-0.38   +0.00/-6.00    +0.00/-34.50

Mon 1500    -2.12/+6.50    -2.50/-0.56   -2.38/-6.00    -3.31/-34.56

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

Monday recap: Spds crushed amid surge in swappable corporate and supra-sovereign

issuance (>$27B) after weeks of inactivity. Aside from deal-tied hedging, decent

flurry two-way flow w/better receivers in 2s, 5s and 7s added to move. Earlier

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.