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Spds are running mostly wider, with the....>

US SWAPS
US SWAPS: Spds are running mostly wider, with the exception of the 5y which is a
touch tighter; earlier flow has been thin, however there has been some outright
receiving in 5Y and 8Y, 3Y-5Y and 5Y-3oY steepeners but also a 5Y-10Y flattener.
Just now a number of 5Y-6Y-7Y flies have been booked with total DV01 above 500k.
Latest spread levels:
* 2Y  +0.25/18.00
* 5Y  -0.25/7.00
* 10Y +0.88/0.13
* 30Y unch/-21.5
Wednesday recap: Spds ran mixed by the close, 10y is at zero. Muted flow
included paying in 5s and 10s, large 5Y-7Y-10Y fly though which looked like a
receiver in the belly. Also some light 5Y-30Y and 2Y-10Y flattener trades
earlier on.

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