The Treasury Department auctioned $20 billion of 9-year 10-month notes with a 2 3/8% coupon at a 2.325% high yield, a price of 100.434016.

The bid-to-cover ratio was 2.45.

Bloomberg News

Tenders at the high yield were allotted 5.42%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.280%. The low yield was 2.200%.

Tenders totaled $48,959,744,900 and the Treasury accepted $20,000,053,500 including $11,744,900 non-competitive.

The Fed banks bought $456,511,600 for their own account in exchange for maturing securities.

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

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