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Spds running mostly tighter by the bell,...>

US SWAPS
US SWAPS: Spds running mostly tighter by the bell, long end compression pulling
5s and 10s lower, short end wider all session. Decent two-way flow, deal- and
auction tied hedging in the wings. Curve action light and 2-way, prop rate
receiving 10s. OTC swaption vol see-sawed higher, pick-up in payer buying 1-3M
on 5s10s. Latest spread levels:
* 2Y  +0.88/23.50
* 5Y  -0.12/9.12
* 10Y -0.12/1.81
* 30Y -1.56/-17.12

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