Treasury 10-Year Notes Go at 2.636% High Yield

The Treasury Department auctioned $24 billion of 10-year notes Tuesday with a 2 5/8% coupon at a 2.636% high yield, a price of 99.903856. The bid-to-cover ratio was 2.80.

Tenders at the high yield were allotted 60.54%. All competitive tenders at lower yields were accepted in full. The median yield was 2.559%. The low yield was 2.500%.

Tenders totaled $67,177,325,500 and the Treasury accepted $24,000,000,500 including $53,325,500 non-competitive. The Federal Reserve banks bought $643,545,900 for their own account in exchange for maturing securities. The notes, which are dated Nov. 15, will mature Nov. 15, 2020.

Treasury also auctioned $25 billion of four-week bills at a 0.105% high yield, a price of 99.992125. The coupon equivalent was 0.106%. The bid-to-cover ratio was 5.08.

Tenders at the high rate were allotted 14.64%. The median yield was 0.100%. The low yield was 0.080%. The bills have a Nov. 12 issue date and are due Dec. 9.

Tenders totaled $126,995,477,200 and the Treasury accepted $25,000,198,000, including $282,540,900 non-competitive. The Fed banks bought $2,418,028,000 for their own account in exchange for maturing securities.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER