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Spds running mixed, spd curve mildly.......>

US SWAPS
US SWAPS: Spds running mixed, spd curve mildly flatter vs. steeper Tsys. Light
flow 2-way earlier in 5s around 2.25873-2.26632%, $94k 2s3s5s fly/receiving the
belly. More recently, $154.8k 2Y-5Y-7Y fly (receiving the belly), spd curve
flatteners in 2s vs. 5s and 7s, , $100M receiver 5s at 2.27223%. Latest spread
levels:
* 2Y  +0.50/21.31
* 5Y  +0.12/4.62
* 10Y -0.19/-2.00
* 30Y -1.00/-22.00
Tuesday recap: Spds running mostly tighter, spd curve flatter in face of second
day of steepening/rebound in Tsy curve. Light swap-tied volume on net, better
rate receiving in 10s and 30s after midday, light payers in 2s and 3s earlier,
switches in 3s and 5s on light volume. OTC and exchange traded vol firmer,
directional with higher Tsy ylds.

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