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

US SWAPS
US SWAPS: Spds running tighter, spd curve steeper w/short end unwinding fair
portion of late last wk's risk-off widening; still negative, 10Y overnight repo
moving off last Fri's negative/low. Latest spread levels:
* 2Y -1.31/22.50
* 5Y -0.12/8.06
* 10Y -0.21/-4.19
* 30Y -0.16/-34.69
Friday recap: Spds running mildly tighter by the close, narrow range w/long end
reversing early wides; light deal-tied volume and two-way squaring going into
weekend. OTC and exchange traded option vol lower but off lows late, decent
volume in latter w/ongoing Dec midurve unwinds late. 

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