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Spds mostly tighter all session, spd.......>

US SWAPS
US SWAPS: Spds mostly tighter all session, spd curve flatter w/2yr on wides
late. Second half flow includes 2-way in 5s w/prop acct rate receiving on light
size at 1.94249% ($150M nominal, $71.4k DV01) vs. dealer 5s10s spd curve
flattener. Earlier flow included auction concessions and duration selling. Aside
from 2Y note auction, swappable corp and supra-sovereign supply picking up
(Saudi 3-part Wed). OTC vol steady mixed, gamma softer on light volume. Latest
spread levels:
* 2Y +1.12/26.69
* 5Y -0.25/8.25
* 10Y -0.31/-3.81
* 30Y -0.62/-32.31

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