Spds have swung mildly wider from..........>

US SWAPS: Spds have swung mildly wider from earlier mixed indications, generally

two-way rate and spd flow last couple hours: 2s5s steepeners/flatteners, 3s5s

steepener, 5s9s flattener, payer in 4s at 2.875% and receiver in 5s at 2.8825%.

Latest spd levels:

* 2Y  +0.25/26.38

* 5Y  +0.38/15.25

* 10Y +0.31/7.50

* 30Y +0.31/-5.56

Thursday recap: Spds mixed by the bell, wings mildly wider vs. tighter

intermediates, spd curve well off flatter levels from the first half. In-line

flow: decent steepener flow over last hour: 2s and 3s vs. 5s, 3s8s, 5s10s and

6s7s, rate flow includes paying in 5s (2.86375%), 6s (2.870%), and 10s

(2.91024%), receiver in 7s (2.87625%). Earlier flow included rate paying in 2s

at 2.7695% earlier and

2s5s flatteners; steepeners in short intermediates: 5s7s and 7s8s.