The Treasury Department auctioned $21 billion of nine-year 10-month notes with a 1 5/8% coupon at a 1.700% high yield, a price of 99.321876.

The bid-to-cover ratio was 3.26.

Tenders at the high yield were allotted 6.04%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.680%. The low yield was 1.614%.

Tenders totaled $68,364,486,900 and the Treasury accepted $21,000,029,300 including $12,886,900 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

The notes, which are dated Aug. 15, 2012, will mature Aug. 15, 2022.

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