Spds reversed early narrowing around.......>

US SWAPS: Spds reversed early narrowing around midday, finish on modest wides

after Mon's sharp narrowing on back of nearly $28B high-grade issuance and

better receiving on net. That said, near $18B high-grade supply issued Tuesday.

Two-way flow noted with better paying in fronts to intermediates in the second

half. Lighter swap-tied flow on the open: 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 1500    +0.88/+7.31    +0.38/-0.12   +0.44/-5.56    +0.38/-34.12

1300        +0.62/+7.06    +0.06/-0.44   +0.38/-5.62    +0.38/-34.12

1030        +0.00/+6.44    -0.31/-0.81   -0.31/-6.31    +0.00/-34.50

0900        +0.12/+6.56    -0.56/-1.06   -0.25/-6.25    -0.25/-34.75

Tue Open    +0.31/+6.75    -0.19/-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