based on the early read of 5yr volume, it looks like we should have a stop through the 1:00 bid. * 5s have traded 169% of their average daily volume * 5yr market share is growing on the day, now 30% * At past auctions when 5s have had better that 100% of their daily average volume AND growing market share, the auction has been 0.75 bp through. This should give some perspective. Typically, 5s tail 0.3 bp in non refunding months. * The voume is the best we've seen since we've get track of this back in Dec '03