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Spds running wider, intermediates-long.....>

US SWAPS: Spds running wider, intermediates-long end leading. Modest O/N flow
included two-way in short end earlier followed by better paying in 2s around
3.0976%, two-way front end curve plays in 2s3s and 2s5s, light deal-tied paying
in the mix. Latest spd levels:
* 2Y +0.12/18.88
* 5Y +0.19/13.75
* 10Y +0.69/6.19
* 30Y +0.50/-9.75
Tuesday recap: Spds running mostly tighter, narrow range, 5Y resisting move.
Mixed flow underscores range: receivers in 2s at 3.091%, payer in 4s at
3.13625%, two-way in 5s from 3.1394% to 3.13737%, 2s3s5s receiver fly and
3s5s10s payer fly on modest volume. 

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