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Spds running tighter, short end leading....>

US SWAPS: Spds running tighter, short end leading. Decent overnight flow
includes 5Y switch, 10Y switch around 2.942-2.940%, $111.3k DV01 2Y-5Y
STEEPENER, $170mln+ receiver of USD 7Y at 2.8975%, $180.8k 2Y-3Y-4Y Fly, paying
the belly. Earlier overnight included better receivers, deal-tied flow in 7s and
10s. Latest spd levels:
* 2Y  -0.62/28.31
* 5Y  -0.25/11.50
* 10Y -0.12/2.62
* 30Y -0.12/-13.44
Thursday recap: Spds running mixed, short end wider. Second half flow included
decent 2-way w/better receivers on net in 2s-5s. Earlier flow included $1B
nominal 1Y receiver at 2.5125%, bank portfolio receiving in 2s-5s, deal-tied
paying in 10s.

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