Spds running mixed, spd curve flatter......>

US SWAPS: Spds running mixed, spd curve flatter with short end moving wider amid

moderate rate paying in 2s-5s, possible knock-on effect massive front end

selling July FF futures. Not much in the way of supply tied hedging latter half

of week, well off $15-20B est, no Tsy note auctions next week either. Latest spd

levels:

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

Fri 3:00    +1.06/10.75   +0.06/3.50     -0.06/-1.19   -0.38/-23.25

12:00       +0.94/10.62   +0.06/3.50     -0.12/-1.25   -0.50/-23.38

10:30       +0.88/10.56   -0.12/3.31     -0.25/-1.38   -0.56/-23.44

9:00        +0.56/10.25   -0.06/3.38     -0.38/-1.50   -0.75/-23.62

Fri Open    +0.62/10.31   +0.00/3.44     -0.12/-1.25   -0.31/-23.19

Thu 3:00    +0.72/9.88    +0.38/3.50     +0.44/-1.19   +0.19/-23.31

Thu Open    +0.16/9.31    +0.06/3.19     +0.06/-1.56   -0.25/-23.75

Thursday recap: Spds continue to add to mid-week shift wider by Thu's close.

Light flow on net, some deal-tied paying in 5s, spd curve flatteners and 2s3s4s

payer fly.