The Treasury Department yesterday auctioned $23 billion of 10-year notes with a 3 5/8% coupon at a 3.734% high yield, a price of 99.097347.

The bid-to-cover ratio was 2.49. Tenders at the high yield were allotted 20.93%. The median yield was 3.636%. The low yield was 3.550%. Tenders totaled $57,263,157,700 and the Treasury accepted $23,000,017,700, including $138,447,700 non-competitive.

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