Fair demand for the first leg of this week's new note supply. The bright side is the strong direct bid of 17.5%, the highest since March. The down side is a bid-to-cover ratio of 3.6, still decent but lower than 3.88 from the past four sales. Indirect bid is 27.2%, a tad below 29.6% for the past four sales. The notes are sold at 0.273%, highest since June but basically in line with what the yield traded before the sale -- in line with dealers expectations. The sale didn't move the bond market. The 10-year note is 3/32 higher to yield 1.708%, boosted by a flip to loss in the stock market.
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