The Treasury Department Wednesday auctioned $21 billion of nine-year 11-month notes with a 2 5/8% coupon at a 3.340% high yield, and a price of 94.002822. The bid-to-cover ratio was 2.92. Tenders at the high yield were allotted 8.71%. All competitive tenders at lower yields were accepted in full. The median yield was 3.259%; low yield 3.170%.
Tenders totaled $61,332,371,400 and the Treasury accepted $21,000,017,400, including $31,271,400 of noncompetitive. Federal Reserve banks bought $305,454,500 for their own accounts in exchange for maturing securities. The notes, which are dated Nov. 15, will mature Nov. 15, 2020.