Spds running tighter across the curve in...>

US SWAPS: Spds running tighter across the curve in late Friday trade, modest

deal-tied hedging and two-way positioning ahead the weekend noted. Spds appr

2-4.0 bps tighter vs. last Friday's levels. Latest spd levels:

1345      -0.62/+9.69    -1.00/+1.75    -0.50/-4.00    -0.75/-49.75

1230      -0.38/+9.94    -1.31/+1.44    -0.62/-4.12    -0.88/-49.88

1030      -1.00/+8.62    -1.44/+1.31    -0.50/-4.00    -1.12/-50.12

0900      -0.56/+9.75    -1.00/+1.75    -0.50/-4.00    -0.88/-49.88

Fri Open  -0.56/+9.75    -0.75/+2.00    -0.25/-3.75    -0.50/-49.50

Fri 0730  -1.06/+9.25    -0.81/+1.94    +0.00/-3.50    -0.44/-49.44

Thu 1600  -1.06/+10.56   +0.00/+2.75    +0.25/-3.50    +0.75/-49.00

Thursday recap: Spds running mixed well after the close, short end extending

move tighter as rate locks get lifted following another heavy day of swappable

corporate issuance. The long end, however, only mildly wider after extending

inversion on Wednesday's outsized refunding focus in longer durations that

include 20Y sector -- while bonds more than erase the midweek sell-off today,

bonds all the way back to late Monday levels, 30YY 1.314%.