USD Swaps: USTs rally; Narrative shifts; IG slows

Air bubble 21 Jun 2021
USTs grinded higher as the 1.80% level in the 10y has faded further from view. The 30y was decent enough, with enough buyers in supporting USTs here, sources note. The spread curve flattened while IG issuance volumes (ex-SSA) dropped to a mere $3.8bn.

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