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Spds running mostly tighter, spd curve.....>

US SWAPS
US SWAPS: Spds running mostly tighter, spd curve steeper with short end leading
move, reversing about half of Thu's move. Latest spread levels:
* 2Y -0.94/26.69
* 5Y -0.12/7.50
* 10Y -0.19/-5.12
* 30Y +0.12/-34.31
Thursday recap: Spds mostly wider/spd curve flatter w/short end seeing broadest
moves on day, 2yr spd marched wider on nascent risk-off move (rates higher,
equities lower, vol nominally higher) following latest terrorist attack in
Barcelona, Spain. Overall flow rather light, some fast$ receiver unwinds in
short end, limited deal-tied hedging/incoming supply adding to wider levels. OTC
vol see-sawed around steady, mixed after the bell, longer vega underperforming
on bull-flattener in rates.

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