The Treasury Department auctioned $24 billion of 10-year notes with a 2 1/2% coupon at a 2.620% high yield, a price of 98.950326.

The bid-to-cover ratio was 2.45.

Tenders at the high yield were allotted 2.620%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.589%. The low yield was 2.540%.

Tenders totaled $58,817,368,900 and the Treasury accepted $24,000,027,900 including $54,418,900 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, 2023.

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