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Spds running tighter across the curve,.....>

US SWAPS
US SWAPS: Spds running tighter across the curve, reversing early wides by midday
and extending move into the close. Note 10Y spd back near steady from +3.0 on
Wednesday. Pick-up in late week swappable supply ($12.3B priced on wk), cooling
of overnight repo levels and concerns over tighter credit conditions after China
Anbang Insurance Group seizure by the countries officials contributing to move.
Early flow included paying in 2s at 2.5057% and 5s at 2.7575%, small 2s4s
flattener, $97.8k DV01 5Y-10Y steepener. Latest spread levels:
* 2Y  -1.00/24.69
* 5Y  -1.00/10.50
* 10Y -1.00/0.50
* 30Y -1.38/-18.75

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