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Spds running mostly wider, wings...........>

US SWAPS
US SWAPS: Spds running mostly wider, wings outpacing. In-line flow this morning
includes spd curve flatteners in 2s vs. 5s and 10s, 3s7s flattener, flys include
2s3s10s and 3s6s7s, paying the belly. Deal-tied paying amid decent swappable
supply. Latest spd levels:
* 2Y +0.56/20.38
* 5Y -0.12/15.25
* 10Y +0.19/7.06
* 30Y +0.88/-10.38
Tuesday recap: Spds stand little changed since first half, spd curve
steeper/short end running tighter vs. mildly wider levels on narrow range out
the curve. Midday flow predominantly rate paying in 3s, 4s 9s and 10s. Short end
holds tighter level amid decent swappable supply. Earlier flow included rate
paying in 2s-3s fading the move, decent sized 2Y-3Y-5Y Fly (paying the belly),
2s vs. 5s and 10s steepeners.

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