Spds reverse from tighter levels held......>

US SWAPS: Spds reverse from tighter levels held much of the session, 10Y on

session wides, long end ignores move. Mixed flow on net, decent volume for quiet

session: >$300M 2Y payer at 2.6835%, receiver in 3s at 2.61774%, 2-way in 5s

around 2.63731-2.64603%, receiver in 8s at 2.7025, two-way in 9s. First half

flow included receiving in 3s at 2.6615%, two-way in 5s around 2.66831% to

2.65875% w/better paying in 6s-7s. 3s5s6s payer fly. Latest spd levels:

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

Thu 3:00    +0.06/13.25   +0.19/4.62     +0.50/2.00    -0.56/-16.06

1:15        -0.31/12.88   -0.12/4.31     -0.12/1.38    -0.50/-16.00

11:30       -0.38/12.81   -0.06/4.38     +0.00/1.50    -0.38/-15.88

10:15       -0.25/12.94   +0.19/4.62     +0.38/1.88    +0.00/-15.50

Thu Open    +0.56/13.75   +0.31/4.75     +0.19/1.69    +0.00/-15.50