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Spds running wider, spd curve flatter,.....>

US SWAPS
US SWAPS: Spds running wider, spd curve flatter, risk-off tone outweighing
deal-tied compression. Fast$ mild rate payers 2s-5s. Latest spread levels:
* 2Y  +0.50/25.12
* 5Y  +0.25/8.62
* 10Y +0.12/-2.25
* 30Y +0.12/-30.12
Wednesday recap: Spds running tighter by the bell, off midday lows in the short
end amid decent pick-up in deal-tied flow (RBS, UNH, GS supply, Rep Ecuador
10Y). Front end slipped to session lows around noon amid flurry of receiving in
5s, 7s and 10s, with some 2s10s spd curve flattener unwinds on the follow.
Earlier rate receiving in 2s and 5s. OTC vol mildly higher/off highs as curve
steepening sell-off rebounded in the second half. Heavy exchange traded option
volume, put driven w/outright buying and position rolling.

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