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Spds wider across the curve by the.........>

US SWAPS
US SWAPS: Spds wider across the curve by the close, long end at top end of range
as curve flips from flatter to steeper, reacting if not mirroring see-saw action
in Tsy curve. Deal-tied paying added to move in second half as $6B Wells Fargo
Bank NA (2y Fxd/FRN, 3y Fxd/FRN) and $4B JPMorgan (11NC10 +100-105, 31NC30 +115)
launched. Payers across the curve, 2-way fly action: $300k 2Y-4Y-10Y Fly, paying
the belly, receiving in the belly of a 8Y-9Y-10Y fly and paying in the belly of
a 3Y-4Y-5Y fly. OTC and exchange traded option vol receded on the day. Latest
spread levels:
* 2Y  +0.75/20.00
* 5Y  +1.12/5.62
* 10Y +0.62/+0.38
* 30Y +1.50/-17.94

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