Another 10 Year auction (or technically 9 Year, 11 Month reopening), and another round of blistering demand by the Indirects. With the When Issued trading at the lowest since the June 2013 high yield, today's 10 Year issuance did not disappoint, and at a 2.214% High Yield, the 10Y priced just through the when issued which was at 2.215% at 1 pm, making this third consecutive month of declining 10 Year yields (and the lowest in 18 months). The Bid To Cover sizzled, surging from last month's 2.52 to 2.97, the highest since March of 2013. The internals saw Indirect demand surge to 53.8%, the highest since December of 2011, however offset by Directs of just 6.9%. Dealers took the remaining 39.3%.