No surprise! -- Stone & McCarthy (Princeton) -- The 2-year note auction this afternoon went well. The stop came in below the 100pm bid side and the bid cover was quite solid. The indirect share of the takedown was a little below average though. The auction stopped at 4.404%, in line with the pre-auction stop talk. The issue was bid at 4.410% at the 100pm bidding deadline. 6.00% of bids at the high yield were accepted. The issue will carry a 4 3/8% coupon. The bid cover came in at 2.42 relative to an average of 2.16 over the prior 12 auctions. Non-comps were also very strong at $920 mln, relative to an average of $899 mln over the prior 12 auctions.