The Treasury Department auctioned $21 billion of 9-year 10-month notes with a 2 1/2% coupon at a 2.597% high yield, a price of 99.159293.
The bid-to-cover ratio was 2.57.
Tenders at the high yield were allotted 14.04%. All competitive tenders at lower yields were accepted in full.
The median yield was 2.560%. The low yield was 2.491%.
Tenders totaled $54,008,906,800 and the Treasury accepted $21,000,026,800 including $16,506,800 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, which are dated May 15, will mature May 15, 2024.