The Treasury Department yesterday auctioned $20 billion of 10-year notes, with a 3 3/4% coupon at a 3.783% high yield, a price of 99.727098.

The bid-to-cover ratio was 2.20. Tenders at the high yield were allotted 59.39%. The median yield was 3.710%. The low yield was 3.550%.

Tenders totaled $44,006,660,200 and the Treasury accepted $20,000,000,200, including $198,538,600 of noncompetitive. Federal Reserve banks bought $3,554,477,000 for their own account in exchange for maturing securities.

The notes, which are dated Nov. 15, will mature Nov. 15, 2018.

Treasury yesterday also auctioned $34 billion of four-week bills at a 0.070% high yield, a price of 99.994556.

The coupon equivalent was 0.071%. The bid-to-cover ratio was 3.03. Tenders at the high rate were allotted 13.90%. The median yield was 0.000%. The low yield was 0.000%. The bills have an issue date of Nov. 13 and are due Dec. 11.

Tenders totaled $102,924,380,000 and the Treasury accepted $34,000,040,000, including $453,598,000 of noncompetitive. Fed banks bought $2,418,028,000 for their own account in exchange for maturing securities.

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