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Spds tighter across the curve, narrow......>

US SWAPS: Spds tighter across the curve, narrow w/short end lead move since
midmorning. Flurry of better receiving as Tsys extended session lows and yld
curves rebounded. Flow in second half included receiving in 2s around 3.0780%, ,
receiving 3s at 3.1407%, decent receiving 5s at 3.15496%, receiving in 10s at
3.23957%. Spd curve had bent mildly steeper earlier as 3M FRA/OIS retraced
earlier widening. Earlier flow included rate receiving in 2s at 3.0879%, s25s
steepener, and flurry of paying in 5s-7s. Latest spd levels:
* 2Y -1.38/20.00
* 5Y -1.19/14.25
* 10Y -0.81/5.88
* 30Y -0.31/-11.25

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