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Spds mostly tighter after the bell, spd....>

US SWAPS
US SWAPS: Spds mostly tighter after the bell, spd curve vs. 2s flatter; light
flow includes small $47.2k DV01 3Y-5Y STEEPENER, switch in 2s around
2.039-2.03875% and 8s around 2.329-2.305%; earlier flatteners in 2s10s and
12s30s, receiving in belly of 5Y-7Y-10Y fly. Latest spread levels:
* 2Y  +0.88/19.44
* 5Y  -0.31/4.19
* 10Y -0.25/-1.19
* 30Y -0.12/-19.88
Friday recap: After a mixed open, spds have compressed across the curve in early
trade -- holding near lows into the close. Sources cited program receiving as
Tsy curve resumes descent to new 10+ year lows (2s10s -2.298, 51.125; 5s30s
-3.733, 52.888). Additional flow includes $109.8k DV01 5s7s steepener after appr
$100k DV01 2s5s flattener and 10Y switch around 2.351-.35125%. OTC and exchange
traded option vols declined amid lack of delivered vol on the day.

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