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Spds running mostly wider, short end.......>

US SWAPS: Spds running mostly wider, short end leading amid better flattener
trade (2s10s), outright payers 2s and 5s. Short end paring move last half hour
on receivers in 2s and 4s. Latest spd levels:
* 2Y  +1.12/27.38
* 5Y  +0.44/14.94
* 10Y +0.25/6.81
* 30Y -0.31/-6.31
Monday recap: Spds steady/mixed by the bell, off early wides but maintaining
narrow range all session. Mixed flow all session, scale payers in 2s around
2.8185-2.82055%, payer in 3s at 2.9015%. Decent two-way curve flow: 2-way 2s3s,
3s and 5s vs. 10Y steepeners, 4s7s flatteners and steepeners in 5s vs. 9s and
10s. Deal-tied flow in the mix into $15B 8-tranche Bayer issuance.

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