Spds back to mostly steady by the bell,....>

US SWAPS: Spds back to mostly steady by the bell, near middle decent range after

kicking off day wider/spd curve flatter. Light two-way in the second half

included more steepeners (3s9s) and switches in light size in 3s and 5s. Spds

reversed widening earlier following Tsys reversal off early session highs as US$

gained. Consistent flow on lighter volume includes varied spd steepeners: 2s5s,

4s6s and 5s8s, switches in 3s, 5s, 9s and 10s, receivers in 3s. Coming into the

session, the short end leads widening across curve, very light flow with appr

$100k DV01 2s5s flattener, payer in 5s at 2.90109% most recently. Latest spd

levels:

* 2Y  +0.00/26.75

* 5Y  +0.12/12.62

* 10Y +0.00/3.25

* 30Y +0.00/-11.50