The Treasury Department Tuesday auctioned $29 billion of two-year notes with a 3/8% coupon at a 0.425% yield, a price of 99.9005293.
The bid-to-cover ratio was 3.11.
Tenders at the high yield were allotted 10.98%.
The median yield was 0.404%. The low yield was 0.369%.
Tenders totaled $90,290,069,700 and the Treasury accepted $29,000,159,700, including $168,669,700 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Oct. 31 and due Oct. 31, 2016.