As expected following yesterday's scorching 3 Year bond auction in which Indirect, aka official foreign, demand soared to the highest in 5 years, today the trend of relentless demand from abroad for US yields continued, when the Treasury sold $21 billion in 10 Year paper, which not only priced 1.4 bps though the When Issued 2.014%, hitting the high yield precisely at 2.000%, but saw the highest Indirect Bid, of 59.5%, since December of 2011. This was offset by a drop in the allotment to Primary Dearlers, at 27.8% (down from 40.8% last month) to the lowest since the 22.3% seen in March 2013, leaving just 12.7% for Directs. Finally, the Bid to Cover was essentially unchanged from last month, at 2.62 (a fraction below the TTM average of 2.70%), even as the yield rose modestly from January's 1.93%. Judging by the market reaction, stocks are certainly unhappy by the resurgent demand for paper, which so many had "crude oiled" and said treasurys yields have now "for sure" bottomed, forgetting that Central Banks will make sure there is negative net issuance left at all in 2015!