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

US SWAPS: Spds running mostly tighter, spd curve flatter on modest flow, 2s vs.
3s flatteners, light deal-tied hedging. Latest spread levels:
* 2Y  -0.50/27.31
* 5Y  +0.12/9.69
* 10Y -0.25/1.00
* 30Y -0.88/-17.62
Monday recap: Quiet start to week for swaps, spd curve steeper -- moderate
unwind after Fri's sharp flattening. Modest two-way flow, positioning ahead
mid-week data. Some front end deal-tied hedging adding to spd curve move. Light
overnight flow includes 2s3s10s fly, paying belly after rate paying in 2s and
3s. OTC swaption vol running steady/mixed, spd curve mildly flatter.

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