After several sideways sessions of slow trading,  the bond market has released stored energy. Unfortunately it wasn't released in an originator friendly direction.

The 3.625% coupon bearing 10 year TSY note is -0-21 at 98-26 yielding 3.77%. The 10 yr swap spread is negative.

 The FN 4.0 is -0-12 at 97-20 yielding 4.231% and the FN 4.5 is -0-08 at 100-24 yielding 4.417%. The secondary market current coupon is 4.391%. The CC yield is 62.5 basis points over the 10 yr TSY note yield and 69.3bps over the 10 yr swap.

REBATE WILL BE WORSE THIS MORNING.