Treasury 3-Year Notes Go at 1.223% High Yield

The Treasury Department yesterday auctioned $40 billion of three-year notes with a 1 1/8% coupon at a 1.223% yield, a price of 99.712191.

The bid-to-cover ratio was 2.98. Tenders at the high yield were allotted 50.40%. The median yield was 1.167%. The low yield was 1.030%.

Tenders totaled $119,330,104,000 and the Treasury accepted $40,000,004,000, including $74,604,000 of noncompetitive.

Federal Reserve banks also bought $215,135,200 for their own account in exchange for maturing securities.

The Treasury also auctioned $29 billion of four-week bills at a zero high yield, a price of par. The bid-to-cover ratio was 5.33.

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