With little new issuance in the primary, buyers looked to the secondary market Tuesday morning, buying bonds from a large bid list Vanguard put out early in the morning.

Bid lists that surfaced got strong bids, traders said, because there is not enough in the primary to get buyers excited. "That had some size and got some real interest generated, but if you don't have something like that, there's not a whole lot around," a Los Angeles trader said.

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