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

US SWAPS: Spds running tighter, short end leads move after the bell. Mild flow

coming into the session includes rate receiving in 5s earlier, 4s5s7s fly and

two-way in 10s. Latest spd levels:

* 2Y  -0.69/17.00

* 5Y  -0.25/13.44

* 10Y -0.25/7.12

* 30Y -0.06/-5.25

Tuesday recap: Spds mostly tighter by the bell, spd curve flattened out w/short

end bouncing wider ahead midday while spds out the curve inched tighter early in

second half. Spd volume still rather muted, however. In-line with front end

rebound: 2Y rate payer at 2.840%, 2-way in 10s, 5s7s10s payer fly. Early 2-way

flow in short end, paying 5s on rate and spd.