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FTN's Jim Vogel said on 10Y reopening...>

US TSYS/10Y
US TSYS/10Y: FTN's Jim Vogel said on 10Y reopening auction that "indirects took
69.1% of the 10-yr that awarded at 2.346% vs the WI bid of 2.348% immediately
before the sale. Only 18% was allotted at the high yld, and the bid/cover
increased to 2.54x vs 2.28x in Sept. Dealer position of 24.9% is lower than the
last 6 auctions thanks to an average direct takedown of 6.0%."
- He adds that the 10Y "bid/cover was one of the highest of the year, indicating
little concern about the FOMC minutes in an hour." 

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