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Free AccessSpds running mixed spd curve mildly........>
US SWAPS: Spds running mixed spd curve mildly steeper despite real$ receiving in
30s (rate and spd). Other flow includes $20m payer 3Y at 2.33468%, 5yr switch
around 2.42895-2.4310, $93.9k DV01 3Y-5Y FLATTENER, $61.2k DV01 5Y-6Y STEEPENER,
$122.4k 2Y-5Y-6Y Fly, receiving the belly. Latest spread levels:
* 2Y -0.25/19.88
* 5Y -0.12/5.50
* 10Y +0.12/+0.56
* 30Y +0.88/-16.88
Tuesday recap: Spds wider across the curve by the close, long end at top end of
range as curve flips from flatter to steeper, reacting if not mirroring see-saw
action in Tsy curve. Deal-tied paying added to move in second half as $6B Wells
Fargo Bank NA (2y Fxd/FRN, 3y Fxd/FRN) and $4B JPMorgan (11NC10 +100-105, 31NC30
+115) launched. Payers across the curve, 2-way fly action: $300k 2Y-4Y-10Y Fly,
paying the belly, receiving in the belly of a 8Y-9Y-10Y fly and paying in the
belly of a 3Y-4Y-5Y fly. OTC and exchange traded option vol receded on the day.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.