Ha!, I knew those Toyota zeros were mis-priced.

The offer yesterday at end of market when I discovered them was 133(5/1) x 14.526, for a broker's YTM of 7.02%. In other words, not a lot of supply and an anomalously high yield.

So, last night, I reset my clock to get my butt out of bed an hour earlier than my lazy and leisurely 6AM Pacific (9AM Eastern). I knew I wanted a chunk of those bonds, and I knew I couldn't screw around with being tardy. When the bond market opened at 8 Eastern, my order had to be in the queue.

The price this morning was 14.528. But I wasn't going to argue about two cents. I wrote my order. Eight minutes later, which is a lot of time for an bond order, I got my fill.

I checked TRACE just now and see that someone grabbed the remaining 128 in a single trade about four hours later, paying only a penny less per bond than I did. So there was actually a fairly wide window of opportunity that now has closed. That bond is highly illiquid. So it's doubtfully many of them will come back into the market.

On the whole, I'm happy with the trade as I did it, both in size and price.