The Treasury Department Wednesday auctioned $24 billion of 10-year notes with a 3 5/8% coupon at a 3.665% high yield and a price of 99.667623.

The bid-to-cover ratio was 3.23.

Tenders at the high yield were allotted 58.81%. All competitive tenders at lower yields were accepted in full.

The median yield was 3.620%. The low yield was 3.510%.

Tenders totaled $77,625,569,500 and the Treasury accepted $24,000,010,100, including $143,999,500 of noncompetitive.

Federal Reserve banks bought $550.67 million for their own account in exchange for maturing securities.

The notes, which are dated Jan. 15, will mature Jan. 15, 2021.

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