The Treasury Department auctioned $21 billion of nine-year 11-month notes with a 1 5/8% coupon at a 1.764% high yield, a price of 98.740142.

The bid-to-cover ratio was 2.85.

Tenders at the high yield were allotted 4.46%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.720%. The low yield was 1.644%.

Tenders totaled $59,921,642,700 and the Treasury accepted $21,000,036,700 including $15,042,700 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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