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

US SWAPS
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. 

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