Treasury 10-Year Notes Go At 3.735% High Yield

The Treasury Department yesterday auctioned $21 billion of 9-year, 11-month notes with a 3 5/8% coupon at a 3.735% high yield, a price of 99.0904934

The bid-to-cover ratio was 3.45. Tenders at the high yield were allotted 70.94%.

The median yield was 3.700%. The low yield was 3.636%.

Tenders totaled $72,466,493,000 and the Treasury accepted $21,000,013,900 including $70,503,000 of noncompetitive.

The Federal Reserve banks bought $248,452,700 for their own account in exchange for maturing securities.

The notes, which are dated Feb. 15, will mature Feb. 15, 2020.

Treasury also sold $25 billion 56-day cash management bills, dated March 11, due May 6, at a 0.147% high tender rate. The bid to cover ratio was 4.54. The coupon equivalent was 0.147%. The price was 99.977444.

The low bid was 0.100%. The median bid was 0.135%. Tenders at the high were allotted 26.09%.

Tenders totaled $113,575,009,000 and the Treasury accepted $25,001,128,500, including $9,000 of noncompetitive.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER