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Spds compressing from mildly mixed.........>

US SWAPS
US SWAPS: Spds compressing from mildly mixed levels earlier, light two-way,
fast$ rate receiving in 2s and 5s. Latest spread levels:
* 2Y  -0.25/25.62
* 5Y  +0.12/8.75
* 10Y -0.25/-2.00
* 30Y -0.25/-29.75
Tuesday recap: Spds running wider, spd curve steeper with long end leading move
wider by late morning. Late short end receiver ($240M 3Y at 1.9125%) after
earlier paying in 2s, 3s and 10s. Mild deal-tied flow and flattener unwinds in
the mix. OTC vol weaker across the surface, heavy exchange traded put volume,
better buying front and 1Y midcurve Dec expirys.

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