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Spds finish tighter, spd curve on..........>

US SWAPS
US SWAPS: Spds finish tighter, spd curve on session steeps w/long end coming off
narrows late. Short end extended tightening after 3Y auction tail, deal-tied
hedge/unwinds adding to move after earlier rate paying in 5s, 7s and 10s on
lighter size. Sources note more recent fund interest taking the other side of
recent narrowing (appr $500M nominal). Prop and fast$ accts have been waiting
for a pull back in spds that never arrived after last wk's heavy corp issuance
(appr $55B) while risk-off unwind adding to profits for accts able to hold onto
narrowers last week. OTC and exchange traded option vol lower across the curve,
better low delta put buying on day. Latest spread levels:
* 2Y -1.81/22.00
* 5Y -0.62/7.56
* 10Y -0.56/-4.50
* 30Y -0.85/-35.38
MarketsFixed Income Bullets
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