The Treasury Department auctioned $20 billion of 9-year 11-month notes with a 2 3/8% coupon at a 2.195% high yield, a price of 101.594378.

The bid-to-cover ratio was 2.54.

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Tenders at the high yield were allotted 0.63%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.150%. The low yield was 2.090%.

Tenders totaled $50,877,745,100 and the Treasury accepted $20,000,060,600 including $9,945,100 non-competitive.

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

The notes, which are dated May 15, will mature May 15, 2027.

The tender rate for the Treasury Department's latest 91-day discount bills was higher, as the three-months incurred a 0.990% high rate, up from 0.980% the prior week.

The coupon equivalent was 1.006% and the price was 99.749750.

The median bid on the 91s was 0.980%. The low bid was 0.950%.

Tenders at the high rate were allotted 59.81%. The bid-to-cover ratio was 3.51.

Tenders totaled $137,025,416,900 and the Treasury accepted $39,000,272,500 including $505,008,900 of non-competitive.

The Fed banks bought nothing for themselves.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.