Spds running wider across the curve on.....>

US SWAPS: Spds running wider across the curve on light volume: 2-way in 4s and

5s, payers in 2s at 2.07375%. Latest spread levels:

* 2Y  +0.75/22.00

* 5Y  +0.31/4.88

* 10Y +0.50/-1.75

* 30Y +0.69/-21.75

Wednesday recap: Spds running mixed into the close, spd curve near session flats

vs. steeper Tsys, long end extending inversion. Light flow on net with 2-way

earlier in 5s around 2.25873-2.26632%, $94k 2s3s5s fly/receiving the belly. More

recently, $154.8k 2Y-5Y-7Y fly (receiving the belly), spd curve flatteners in 2s

vs. 5s and 7s, $100M receiver 5s at 2.27223%. OTC vol firmer across the surface,

gamma outpacing longer vega (1M10Y outpacing), while exchange traded option vol

chops around mixed levels after showing gains around midmorning as underlying

rates sold off. Ongoing interest in low delta put buying for the most part.