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Spds running steady/mixed, wings holding...>

US SWAPS
US SWAPS: Spds running steady/mixed, wings holding mildly wider, narrow
overnight range. Sources reported some rate receiving in short end earlier,
followed by payers in 3s (1.9387) and receivers in 4s and 5s. Latest spread
levels:
* 2Y  +0.31/21.00
* 5Y  +0.00/7.38
* 10Y -0.12/-2.62
* 30Y +0.25/-26.75
Monday recap: 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 and dealer
desks looking to scale into steepeners and wideners this week, getting better
entry levels after last week's move.

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