The Treasury Department yesterday auctioned $21 billion of nine-year 10-month notes with a 3 1/2% coupon at a 3.119% high yield, a price of 103.199671.

The bid-to-cover ratio was 3.09. Tenders at the high yield were allotted 77.69%. The median yield was 3.071%. The low yield was 2.970%. Tenders totaled $64,993,127,100 and the Treasury accepted $21,000,002,600 including $48,677,100 non-competitive. The Federal Reserve banks bought $5,962,900 for their own account in exchange for maturing securities. The notes, which are dated May 15, will mature May 15, 2020.

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