Using 10Y - 1M methodology on the treasuries I've computed the following:
Q4'12 spreads: 1.55%
Q1'13 spreads: 1.88%
Quarter-to-date, Q2'13 with one month completed: 1.71% and trending downward.
Just thought I'd share. At this time it appears "if you survived Q4'12" you're probably fine. I don't see any reason to panic because rising book value (and hopefully smart hedging) will help balance the numbers.