Curveball: HG Credit Curve Opportunities — 3s5s flatter and 10s30s steeper as long-end UST yields pull back from their recent highs

High Grade spread curves flattened in the front end while steepening in the long end, with 5yr bonds outperforming after the expected Fed hike. The 3s5s curve flattened 1.4bp WoW to 18bp (68% of its 6m range), while the 10s30s curve steepened 1.2bp WoW to 19bp (61% of its 6m range). Ex-Hyperscalers, the 10s30s curve is at 15bp, 1.4bp steeper WoW, versus a much steeper hyperscaler 10s30s curve at 43bp, steeper by 1.2bp WoW. The 5s10s curve was about unchanged WoW at 26bp. The 2s30s UST curve twisted flatter by 15bp as the hawkish FOMC outcome pushed front-end yields higher, with 2y UST yields at 4.75%, their highest since July 2024. The report details the flattest/steepest issuer curves and matching bond pairs by sector for 3s5s, 5s10s and 10s30s curves, including prices, G-spreads, 6m range percentiles and liquidity criteria, to guide relative-value curve trades.