The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.354% yield, a price of 99.689924.
The bid-to-cover ratio was 3.38.
Tenders at the high yield were allotted 16.75%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.340%. The low yield was 0.266%.
Tenders totaled $108,121,921,800 and the Treasury accepted $32,000,046,800, including $40,946,800 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, dated May 15, will mature May 15, 2016.