eurodollar and TED

[Martinghoul]

I was going through a report by morgan stanley. I read the following trades
Trade Recommendations
 Pay GBP 5y – target 2.6%;
 Pay GBP 2s5s – target 115bp;
 Pay GBP/Euro 3y2y – target 220bp;
 Buy 3mth into 2y ATM rec versus selling 3mth into 5y 3bp
OTM rec for zero cost.

Can anybody please explain what all these terms mean

Thanks
Amit

1) Pay 5y rates outright (pay fixed rate on a swap, expecting rates to go up)
2) This is a steepener, where you recv fixed on a 2y swap vs paying fixed on a 5y swap, same DV01, expecting the difference between the two rates to go up.
3) This a cross currency spread trade, where you pay fixed on a 2y swap 3y fwd in GBP and recv fixed on the same fwd, same DV01 swap in EUR; expecting the rate difference to go up, again.
4) This is what's known a bull steepener (aka conditional steepener) trade, where you trade a set of two swaption (receivers) with the same expiry; it's zero cost because the amt you pay to buy the first recvr is offset by the amt you get for selling the 2nd recvr.