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Spds still running mostly tighter, spd.....>

US SWAPS
US SWAPS: Spds still running mostly tighter, spd curve flatter after 2yr notched
wider by midmorning. Recent flow includes 2-way in 5s w/prop acct rate receiving
on light size at 1.94249% ($150M nominal, $71.4k DV01) vs. dealer 5s10s spd
curve flattener. Earlier flow included auction concessions and duration selling.
Aside from 2Y note auction, swappable corp and supra-sovereign supply picking up
(Saudi 3-part for tomorrow). Latest spread levels:
* 2Y +0.62/26.19
* 5Y -0.25/8.25
* 10Y -0.25/-3.75
* 30Y -0.56/-32.25

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