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US Treasuries are underperforming..........>

US SWAPS
US SWAPS: US Treasuries are underperforming European debt in the European
morning. In terms of swap flow, there is considerable activity in the 2Y swap.
It  looks as if there was a large payer at just after 0800GMT and some of the
risk is being passed onto the market. There was also a decent bullish butterfly
trade in 5-7-10Y soon after Europe opened. 
- At 08:51GMT there appeared to be a USD100mln payer of USD 5Y at 2.20931%
- At 08:01GMT there appeared to be a USD460mln+ payer of USD 2Y at 2.0097%
- At 08:15GMT there appeared to be a USD250mln receiver of USD 2Y at 2.00625%
- At 07:16GMT there appeared to be a USD160k 5Y-7Y-10Y Fly, receiving the belly

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