In 2-quart saucepan, heat 1 inch water to boiling. Add asparagus; simmer 2 to 3 minutes or until crisp-tender. Drain. Plunge asparagus into bowl of ice water to cool; drain on paper towels.
Spread mustard on one side of each slice of ham. Place 2 asparagus spears at one end of ham over mustard, 1 tip extending beyond each side; roll up tightly. Cut each roll in half.