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Spds running steady to mildly tighter......>

US SWAPS
US SWAPS: Spds running steady to mildly tighter ahead prospect for more supply
next wk after >$45B high-grade issuance this wk. Recent flow includes $300.4k
8Y-9Y-10Y Fly, paying belly, $140mln payer of 2Y at 2.17375%, $149.1k DV01
10Y-15Y STEEPENER. Latest spread levels:
* 2Y  -0.56/18.62
* 5Y  -0.12/4.31
* 10Y -0.38/-1.31
* 30Y +0.00/-20.75
Thursday recap: Spds running wider by the bell, top end of range after starting
session steady/mixed. Spds widened into post 30Y R/O Tsy rally, sporadic rate
paying in 5s-30s from props and real$. Earlier two-way in 2s5s curve trade, 3s5s
steepener and 5s switch recently, macro fund receiver in 30s. Incoming supply
and 30Y R/O helped keep lid on spds. OTC and exchange traded option vol
continued to drift lower on bounce to older ranges in rates.

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