The Treasury Department auctioned $20 billion of 9-year 10-month notes with a 2 1/4% coupon at a 2.346% high yield, a price of 99.158502.

The bid-to-cover ratio was 2.54.

Tenders at the high yield were allotted 17.96%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.300%. The low yield was 2.231%.

Tenders totaled $50,863,966,300 and the Treasury accepted $20,000,021,500 including $10,166,300 non-competitive.

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

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

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