Stone & McCarthy (Princeton) "The 10-year note auction today went extremely well, stopping well below the 100pm bid side with a major percentage going to indirect bidders at 55.6%, which is a record and well above the average for 10-year refunding auctions of about 38.3%. The auction stopped at 5.578%. The WI was bid at 5.590% as of the 100pm bidding deadline. At $13.0 bln, today's auction is the same as August's refunding 10-year auction. 55.70% of bids at the high yield were accepted. The bid cover was 2.24, relative to an average of 2.18 for refunding 10-year note auctions going back to 2003. Non-comps were $32 mln."
I thought that looked a little high. I was thinking about ways I could get into the primary bond market and sell at a premium immediately after.