The Treasury Department Tuesday auctioned $29 billion of two-year notes with a 1/2% coupon at a 0.530% yield, a price of 99.912595.
The bid-to-cover ratio was 3.48.
Tenders at the high yield were allotted 1.48%.
The median yield was 0.507%. The low yield was 0.477%.
Tenders totaled $100,902,926,100 and the Treasury accepted $29,000,107,100, including $179,427,100 non-competitive.
The Fed banks bought $1,463,600 for their own account in exchange for maturing securities.
The two-year notes are dated Aug. 31 and due Aug. 31, 2016.