Spds mixed after the bell, spd curve.......>

US SWAPS: Spds mixed after the bell, spd curve flatter at the moment, steepeners

scaling back after 2Y spd hit all-time narrows late last week. Light deal-tied

flow, issuers hit sidelines amid ongoing US/China risk-off angst. Limited flow

so far includes rate paying 2s and 5s, 5s8s9s receiver fly.

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

Wed Open    +0.81/3.88     +0.19/-0.31    -0.62/-5.25   -0.62/-28.56

Tue 1500    -0.06/3.44     +0.00/-0.50    +0.62/-4.62   +0.62/-27.88

Tue Open    -0.12/3.38     +0.12/-0.38    +0.38/-4.88   +0.25/-28.25

Tuesday recap: Spds running steady/mixed, 10-30s holding highs / narrow range

after making move midmorning. Short end, meanwhile, is little changed on the day

after narrowing to all-time lows late last week. 2Y spd narrowing largely due to

decline in 3M LIBOR (-0.0012 to 2.5237%) vs. rise of GC. Moderate flow on the

day with some two-way deal-tied flow in short end, some month end positioning,

spd curve steepeners as well.