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Spds running tighter by the bell,..........>

US SWAPS: Spds running tighter by the bell, directional w/ Tsy ylds, spds are
at/near lows w/2s-5s extending move late. moderate flow includes spec acct payer
unwinds in 2s-5s in second half, limited deal-related flow as issuers ply the
sidelines on risk-off move in rates. Current levels:
Time (ET)   2Y Swap/Mid    5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
Mon 1500    -1.25/+4.50    -1.25/-0.75   -0.69/-5.75    -1.12/-32.38
1400        -1.06/+4.69    -0.88/-0.38   -0.69/-5.75    -1.12/-32.38
1200        -0.81/+4.94    -0.88/-0.38   -0.38/-5.44    -1.00/-32.25
1000        -0.50/+5.25    -0.62/-0.12   -0.25/-5.31    -0.94/-32.19
Mon Open    -0.75/+5.00    -1.00/-0.50   -1.19/-6.25    -1.25/-32.50
Mon 0715    -0.50/+5.25    -0.75/-0.25   -0.94/-6.00    -1.00/-32.25
Fri 1500    -0.25/+5.88    -0.62/+0.00   -0.75/-5.75    -0.38/-31.75
Friday recap: Spds tighter all day after steady/mixed open, waves of two-way
swap-tied flow in 2s and 5s leaned towards better receivers in first half, prop
and real$ receivers in 5s and 10s later in session.

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