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Spds running tighter by the close,.........>

US SWAPS
US SWAPS: Spds running tighter by the close, session lows w/short end leading
move. Decent two-way in 2s from 2.592% to 2.605% in second  half w/receiver
unwinds, profit taking, receiver in 3s at 2.70395%, $110M 2s5s flattener.
Ongoing 2s3s10s fly on good size (>$400M), paying the belly. Pick-up in
swappable supply also weighing on spds. Latest spread levels:
* 2Y  -1.75/30.19
* 5Y  -1.06/14.44
* 10Y -0.94/3.62
* 30Y -0.75/-14.25

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