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Spds running wider after the bell, spd.....>

US SWAPS
US SWAPS: Spds running wider after the bell, spd curve flatter in line w/spec
and bank portfolio curve flow, deal-tied selling ahead more swappable supply
after near $70B total priced last week. Earlier flys, receiving in the belly of
a 8Y-9Y-10Y fly and paying in the belly of a 3Y-4Y-5Y fly. Latest spread levels:
* 2Y  +1.12/20.38
* 5Y  +1.19/5.69
* 10Y +0.00/-0.25
* 30Y +0.44/-19.00
Friday recap: Spds steady/mildly wider in belly, long end outperforming late.
Levels within a point of where they ended wk ago despite massive influx of
swappable corp/supra-sov supply this week ($69B! vs. $30B est), not to mention
Tsy issuance. Late week high-grade issuance evaporated. Session flow included
two-way curve action in shorts to intermediates, 2s5s10s flys/receiving the
belly. Early flow included $300.4k 8Y-9Y-10Y Fly, paying belly, $140mln payer of
2Y at 2.17375%, $149.1k DV01 10Y-15Y STEEPENER. Overnight repo special in 10s
extended further into fail territory, -2.60%, stemming potential narrowing. 

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