The Treasury Department Tuesday auctioned $29 billion of two-year notes with a 1/2% coupon at a 0.589% yield, a price of 99.9823303.
The bid-to-cover ratio was 3.56.
Tenders at the high yield were allotted 28.59%.
The median yield was 0.570%. The low yield was 0.520%.
Tenders totaled $103,359,115,600 and the Treasury accepted $29,000,113,100, including $150,915,600 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Sept. 30 and due Sept. 30, 2016.