The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1 1/4% coupon at a 1.261% yield, a price of 99.978342.
The bid-to-cover ratio was 2.73.
Tenders at the high yield were allotted 85.23%.
The median yield was 1.200%. The low yield was 1.140%.
Tenders totaled $70,889,420,800 and the Treasury accepted $26,000,033,300, including $165,320,800 non-competitive.
The Fed banks bought $3,147,708,100 for their own account in exchange for maturing securities.
The two-year notes are dated March 31 and due March 31, 2019.