The Treasury Department Wednesday auctioned $24 billion of 10-year notes with a 1.75% coupon at a 1.855% high yield, a price of 99.045657.

The bid-to-cover ratio was 2.90. Tenders at the high yield were allotted 20.18%. All competitive tenders at lower yields were accepted in full. The median yield was 1.810%. The low yield was 1.700%. Tenders totaled $69,515,277,600 and the Treasury accepted $24,000,086,600, including $23,077,600 of noncompetitive.

Federal Reserve banks bought $1,501,532,900 for their own account in exchange for maturing securities.

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

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