Large reported flow has been fairly........>

US SWAPS: Large reported flow has been fairly balanced thus far, with one large

fly highlighted below. Swap rates have edged higher, with the belly leading the

way in early Asia-Pacific trade, longer dated spds. Vs. Tsys sit a touch wider,

while spds out to 10-Years are tighter at the margin. Latest spd levels:

* 2Y -0.25/18.50

* 5Y unch./13.56

* 10Y +0.51/6.00

* 30Y +0.25/-10.00

- Trades of note included:

- At 01:09GMT there appeared to be a USD120mln payer of USD 7Y at 3.1577%

- At 01:09GMT there appeared to be a USD100mln payer of USD 7Y at 3.1577%

- At 01:09GMT there appeared to be a USD54mln payer of USD 8Y at 3.1752%

- At 01:12GMT there appeared to be a USD100mln receiver of USD 5Y at 3.13275%

- At 01:12GMT there appeared to be a USD100mln receiver of USD 5Y at 3.13275%

- At 01:14GMT there appeared to be a USD50mln receiver of USD 10Y at 3.21251%

- At 01:25GMT there appeared to be a USD171.2+k 7Y-8Y-9Y Fly, paying the belly