The Treasury Department Monday auctioned $28 billion of two-year notes with a 1/2% coupon at a 0.542% yield, a price of 99.916676.
The bid-to-cover ratio was 3.71.
Tenders at the high yield were allotted 0.26%.
The median yield was 0.520%. The low yield was 0.490%.
Tenders totaled $103,979,190,000 and the Treasury accepted $28,000,116,800, including $147,040,000 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Nov. 30 and due Nov. 30, 2016.
