Treasury 2-Year Notes Go At 2.640% High Yield

The Treasury Department yesterday auctioned $30 billion of two-year notes with a 2 5/8% coupon at a 2.640% yield, a price of 99.970857.

The bid-to-cover ratio was 2.28.

Tenders at the high yield were allotted 21.12%. The median yield was 2.590%. The low yield was 2.550%.

Tenders totaled $68,322,183,300 and the Treasury accepted $30,000,023,300, including $767,183,300 of noncompetitive.

Federal Reserve banks also bought $2,405,496,800 for their own account in exchange for maturing securities.

The two-year notes are dated May 31 and due May 31, 2010.

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