The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 3/8% coupon at a 0.411% yield, a price of 99.892773.
The bid-to-cover ratio was 3.59.
Tenders at the high yield were allotted 31.53%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.395%. The low yield was 0.334%.
Tenders totaled $114,784,754,700 and the Treasury accepted $32,000,052,200, including $44,654,700 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, dated Feb. 15, will mature Feb. 15, 2016.