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Spds running mildly tighter on light.......>

US SWAPS: Spds running mildly tighter on light flow, 4Y-5Y-6Y swap fly ($120k
DV01) paying in belly repeat from Tue, US$ 97.8k 6Y-10Y-13Y fly, paying the
belly and small 15Y-30Y flattener. Latest spread levels:
* 2Y  -0.19/18.12
* 5Y  -0.19/3.25
* 10Y -0.19/-2.31
* 30Y -0.25/-21.50
Tuesday recap: Spds are running tighter after a mixed open, short end reversing
early widening as Tsys continued to ratchet lower. Light mixed flow included
rate receivers in 3s and 5s after small fly action: $134.2k 4s5s6s fly, paying
the belly and $167.8k 5s6s7s fly, paying the belly. Mixed curve play early w/US$
56.6k DV01 2s5s steepener and US$88.8k DV01 5s10s flattener. OTC vol
directionally higher w/Tsy ylds and steeper yld curve. 

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