Bonds primary market analysis?

Hi! Am I correct by saying this: “If there is a lack of supply in primary market, high-rated (?) bonds will be mispriced (either overpriced or underpriced). Then when there is more supply, there will be 2 effects: 1st the prices will increase or decrease to its intrinsic value and you should buy now, 2nd the spreads will ultimately tighten and the prices will increase.” What are your thoughts? Thanks!

If there is a lack of supply in the primary market, the secondary market would be affected through higher yield because of lack of confirmation from the primary. I think. Did the LOS talk about intrinsic value in this section? Don’t remember reading it.