The Treasury Department yesterday auctioned $21 billion of nine-year, 11-month notes with a 3 3/8% coupon at a 3.448% high yield, a price of 99.387238.

The bid-to-cover ratio was 2.62. Tenders at the high yield were allotted 67.28%. The median yield was 3.360%. The low yield was 3.300%. Tenders totaled $55,062,801,400 and the Treasury accepted $21,000,021,400 including $45,201,400 non-competitive.

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