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Spds on session wides by the bell, 5yr.....>

US SWAPS
US SWAPS: Spds on session wides by the bell, 5yr lagging slightly. Modest volume
on net, sources reported short gamma payers, steepener unwinds in Tsys spurring
wideners in the long end w/week's Tsy auctions in rear view. In the first half,
2s/7s spd curve flatteners ($280M 2Y, 1.61505% vs. $160M 7Y, 2.003%), light
payer in 5s at 1.8675%. Modest deal-tied flow on supra-sovereign issuance in mix
while ongoing overnight repo specials adding to move. OTC and exchange traded
vol steady to mildly higher despite the rather limited real vol on day. Latest
spread levels:
* 2Y +0.94/24.94
* 5Y +0.56/8.06
* 10Y +1.06/-3.06
* 30Y +1.12/-32.88

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