The Treasury Department Monday auctioned $27 billion of two-year notes with a 5/8% coupon at a 0.703% yield, a price of 99.845361.
The bid-to-cover ratio was 3.21.
Tenders at the high yield were allotted 62.93%.
The median yield was 0.677%. The low yield was 0.638%.
Tenders totaled $86,629,366,500 and the Treasury accepted $27,000,004,000, including $142,316,500 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Dec. 31 and due Dec. 31, 2016.