The Treasury Department yesterday auctioned $17 billion of 10-year notes with a 4% coupon at a 4.075% high yield, and a price of 99.389034.
The bid-to-cover ratio was 2.61. Tenders at the high yield were allotted 3.35%. The median yield was 4.050%. The low yield was 3.950%.
Tenders totaled $44,366,454,900 and the Treasury accepted $17,000,009,900, including $118,204,900 of noncompetitive.
Federal Reserve banks bought $6,337,630,900 for their own account in exchange for maturing securities.
The notes, which are dated Aug. 15, will mature Aug. 15, 2018.
