The Treasury Department yesterday auctioned $19 billion of nine-year, 10-month notes with a 3 1/8% coupon at a 3.365% high yield, a price of 97.998772.
The bid-to-cover ratio was 3.28.
Tenders at the high yield were allotted 86.72%. All competitive tenders at lower yields were accepted in full. The median yield was 3.340%. The low yield was 3.282%.
Tenders totaled $62,302,729,000 and the Treasury accepted $18,907,580,000, including $42,780,400 of noncompetitive. Federal Reserve banks bought $321,178,000 for their own account in exchange for maturing securities. The notes, which are dated July 15, will mature May 15, 2019.
