Spds running wider, spd curve flatter, a...>

US SWAPS: Spds running wider, spd curve flatter, a mild reversal of Thu's move.

Light flow included paying in 2s at 2.5057% and 5s at 2.7575%, small 2s4s

flattener, $97.8k DV01 5Y-10Y steepener. Latest spread levels:

* 2Y  +0.88/26.56

* 5Y  +0.62/12.12

* 10Y +0.25/1.75

* 30Y +0.12/-17.25

Thursday recap: Spds tighter across the curve, short end leading move all

session while intermediates make good second half attempt to catch up on back of

decent swappable issuance on day. Decent earlier flow included rate payer 5Y at

2.7755%, receiver 2s at 2.5125%, small 5s7s spd curve flattener, $190.6k

2Y-5Y-10Y Fly, receiving the belly, $215.2k 3Y-5Y-7Y Fly, paying the belly. OTC

swaption vol grinding lower across te surface, ongoing heavy low delta put

volume in listed options.