The Treasury Department yesterday auctioned $35 billion of three-year notes with a 1 7/8% coupon at a 1.960% yield, a price of 99.753523.
The bid-to-cover ratio was 2.82. Tenders at the high yield were allotted 52.27%. The median yield was 1.904%. The low yield was 1.800%. Tenders totaled $98,692,742,400 and the Treasury accepted $35,000,132,300, including $92,042,400 of noncompetitive. Fed Reserve banks also bought $369,923,200 for their own account in exchange for maturing securities.
Treasury also auctioned $30 billion of four-week bills at a 0.075% high yield, a price of 99.994167. The coupon equivalent was 0.076%. The bid-to-cover ratio was 3.73.
Tenders at the high rate were allotted 65.77%. The median yield was 0.050%. The low yield was zero. Tenders totaled $111,877,647,300 and Treasury accepted $30,000,037,300, including $270,182,300 of noncompetitive.
