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Spds continue to narrow, short end.........>

US SWAPS
US SWAPS: Spds continue to narrow, short end leading move. Decent swap flow over
last hour includes flurry of flys:
* $223.4k 2Y-3Y-5Y Fly, paying the belly
* $295.2k 5Y-7Y-10Y Fly, receiving the belly
* $242.8k 5Y-7Y-8Y Fly, receiving the belly
In addition to more modest paying in intermediates:
* $170mln+ payer of USD 10Y at 2.8635%
* $240mln+ payer of USD 4Y at 2.737%
* $170mln+ payer of USD 7Y at 2.80222%

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