The Treasury Department Wednesday auctioned $21 billion of nine-year, 11-month notes with a 2 5/8% coupon at a 2.670% high yield and a price of 99.607796. The bid-to-cover was 3.21.

Tenders at the high yield were allotted 54.70%. The median yield was 2.630%. The low yield was 2.538%. Tenders totaled $67,438,329,700 and Treasury accepted $21,000,009,700, including $40,222,200 of noncompetitive. Federal Reserve banks bought $227,181,800 in exchange for maturing securities. Treasury also auctioned $35 billion of four-week bills at a 0.090% high yield, a price of 99.993000.

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