Spds mostly tighter by the bell, short.....>

US SWAPS: Spds mostly tighter by the bell, short end lagging move amid decent

amount of swappable corporate issuance on the day. Aside from hedge unwinds,

second half flow included decent receiving in 6s-10s after some paying in 5s at

1.7985%, couple payer flys: 3s5s10s and 23s5s10s on decent size. Latest spd

level:

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

Tue 1500    +0.06/2.62     -0.31/-1.69    -0.38/-7.12   -1.12/-36.31

1345        +0.06/2.62     -0.19/-1.56    -0.38/-7.12   -0.90/-36.10

1115        -0.69/1.88     -0.14/-1.50    -0.19/-6.94   -0.80/-36.00

Tue Open    -0.06/2.50     +0.23/-1.12    +0.06/-6.69   -0.10/-35.30

Mon 1500    +0.07/2.19     +0.12/-1.35    +0.17/-6.53   +0.06/-35.19

Monday recap: Spds running wider but well off midday levels by the bell.

Contributing to earlier move was nearly $920M paying in 2s around

1.8435-1.8560%, payer in 10s at 1.977% on lighter size, and 5s7s10s payer fly.

Dearth of swappable corporate supply adding to move as issuers wait for latest

earnings to wind down.