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Spds reversed narrowing earlier, holding...>

US SWAPS: Spds reversed narrowing earlier, holding wider across the curve, front
end leading move into midday. Rather decent flow over last couple hours w/ much
better paying in 5s (near $1B) from 2.5075-2.5865%, payers in 3s, payers in 9s
at 2.6375%, modest receiver flow in 7s and 10s. Mixed fly crosses include 2s4s5s
and 3s4s10s -- both paying the belly, 2s3s7 receiver fly. Latest spd levels
Time (ET)   2Y Swap/Mid   5Y Swap/Mid   10Y Swap/Mid   30Y Swap/Mid
11:45       +0.75/12.62   +0.38/7.88     +0.12/2.00    +0.00/-20.00
10:00       +0.50/12.38   +0.38/7.88     +0.12/2.00    -0.06/-20.06
Fri Open    -0.50/11.38   +0.00/7.50     -0.31/1.56    -0.25/-20.25

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