Place asparagus in a steamer basket; place in a large saucepan over 1 in. of water. Bring to a boil; cover and steam for 3-5 minutes or until crisp-tender. Place asparagus on paper towels; pat dry.
In a small bowl, combine cheese sauce and mayonnaise. Flatten bread slices with a rolling pin. Spread cheese mixture over each to within 1/2 in. of edges. Top each with 2 pieces of asparagus; roll up. Brush with butter; sprinkle with paprika.
Place in an ungreased 15x10x1-in. baking pan. Bake at 350° for 5-8 minutes or until lightly browned. Serve warm.