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Spds running mixed spd curve mildly........>

US SWAPS
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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