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Spds running mostly tighter by the.........>

US SWAPS
US SWAPS: Spds running mostly tighter by the close, spd curve flatter w/long end
leading move tighter in the second half - unwinding a portion of last week's
steepening (post-refunding annc react) in face of incoming Tsy/corp supply this
week. Weaker hands unwinding steepeners and long end wideners in long end after
flurry of midday flows two-way in 5s around 2.05635% - 2.06172%, $47.4k DV01
2Y-5Y steepeners, $94.8k 2Y-3Y-5Y Fly, receiving the belly. Some prop anddealer
desks looking to scale into steepeners and wideners this week, getting better
entry levels after last week's move. OTC vol mildly higher despite limited real
vol - rebound after Fri's collapse. Latest spread levels:
* 2Y  +0.06/21.00
* 5Y  -0.06/7.38
* 10Y -0.50/-2.50
* 30Y -0.81/-26.88

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