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Spds holding tighter by the bell,..........>

US SWAPS
US SWAPS: Spds holding tighter by the bell, compressing to session lows after
10Y auction. Recent flow includes rate paying in 3s (2.877%) and 5s (2.94967),
5s10s steepeners, mixed fly interest: $267k 3Y-5Y-9Y Fly, paying the belly and
$292.2k 3Y-5Y-10Y Fly, receiving the belly. Early flow included $410mln payer of
USD 2Y at 2.78165%, smaller 3s5s spd steepener, $120.2k 2Y-3Y-4Y Fly and $186.2k
3Y-5Y-6Y Fly, both receiving the belly. Latest spd levels:
* 2Y  -0.94/25.00
* 5Y  -0.75/11.75
* 10Y -0.94/2.81
* 30Y -0.25/-10.25

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