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Swap spreads are trading steady to.........>

US SWAPS
US SWAPS: Swap spreads are trading steady to slightly tighter, with decent flow
seen overnight. Main takeaways were that a number of USD swap curve flatteners
were seen in 3-5Y and one large 5-10Y flattener during London session. Latest
spread levels:
* 2Y -0.39/25.71
* 5Y -0.18/7.70
* 10Y +0.06/-4.50
* 30Y -0.31/-32.81
Wednesday recap: Swap spreads traded tighter at the bell. Modest flow seen in
overnight European and US session with a USD126k DV01 11Y-12Y steepener, paying
in the belly of a USD131.4k DV01 10Y-12Y-15Y Fly and a very large receiver in
the belly of a USD507.2k DV01 20Y-25Y-30Y fly.

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