The Treasury Department yesterday auctioned $40 billion of three-year notes with a 1 3/8% coupon at a 1.437% yield, a price of 99.818589.
The bid-to-cover ratio was 3.13. Tenders at the high yield were allotted 15.66%. The median yield was 1.403%. The low yield was 1.340%. Tenders totaled $125,069,178,000 and the Treasury accepted $40,000,016,000, including $70,478,000 of noncompetitive. The notes will mature March 15, 2013.
Treasury also auctioned $26 billion of one-year bills at a 0.375% high yield, a price of 99.620833. The coupon equivalent was 0.381%. The bid-to-cover ratio was 4.00.
Tenders at the high rate were allotted 65.65%. The median yield was 0.350%. The low yield was 0.310%.
The bills have an issue date of March 11 and are due March 10, 2011. Tenders totaled $103,884,331,900 and the Treasury accepted $26,000,219,400, including $166,314,900 of noncompetitive.
The Treasury also auctioned $31 billion of four-week bills at a 0.110% high yield, a price of 99.991444.
The coupon equivalent was 0.112%. The bid-to-cover ratio was 3.90.
Tenders at the high rate were allotted 75.56%. The median yield was 0.100%. The low yield was 0.050%.
Tenders totaled $120,953,003,700 and Treasury accepted $31,000,593,700.
