Little can be said about today's $35 Billion 2 Year auction: it was nothing short of a complete scramble for cover in a piece of paper that comes due just around the time of the Fed's guaranteed ZIRP interval of mid-2013 (which will likely be extended). The result: an all time record high Bid To Cover of 4.07, the highest since records started being kept back in 1993. The yield was 0.28%, inside of the 0.285% When Issued level trading at 1pm. Yet notably, Dealers took down just 46.53% of the auction, the lowest since October 2010: this compares to 54.16% for the LTM period, and 52.57% for the prior auction. This is not unexpected considering the Primary Dealer issues in the aftermath of MF Global. Indirects stepped up and took home 42.24% of the final allocation - the highest since February 2010. Directs were in line at 11.24%, just below the LTM average of 14.30%. Overall, nothing says price stability like 0.28% on 2 Year paper. And so much for the Fed's attempts to sell the short end of the curve via Twist.