The Treasury Department Wednesday auctioned $21 billion of nine-year, 10-month notes with a 2 5/8% coupon at a 2.475% high yield and a price of 101.298742.

The bid-to-cover ratio was 2.99. Tenders at the high yield were allotted 9.27%. The median yield was 2.420%. The low yield was 2.356%.

Tenders totaled $62,788,534,200 and the Treasury accepted $21,000,030,200, including $15,733,200 of noncompetitive.

Federal Reserve banks bought $184,545,400 for their own accounts in exchange for maturing securities.

The notes, which are dated Aug. 15, will mature Aug. 15, 2020.

Treasury also auctioned $25 billion of four-week bills at a 0.140% high yield and a price of 99.988722. The coupon equivalent was 0.142%. The bid-to-cover ratio was 4.71. Tenders at the high rate were allotted 82.95%. The median yield was 0.130%. The low yield was 0.100%.

The bills have an issue date of Oct. 14 and are due Nov. 12. Tenders totaled $117,839,434,000. The Treasury accepted $25,000,034,500, including $329,105,800 of noncompetitive.

Fed banks bought $2,418,028,000 for their own accounts.

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