The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.048%, at a 0.048% spread, a price of par.
The bid-to-cover ratio was 3.56.
Tenders at the high margin were allotted 89.04%.
The median discount margin was 0.040%. The low discount margin was 0.010%.
Tenders totaled $53,418,615,200 and the Treasury accepted $15,000,095,200, including $8,949,700 non-competitive.
The Fed banks bought $375,205,500 for their own account.
The notes are dated Oct. 31 and due Oct. 31, 2019.
The index determination date is October 23 and the index determination rate is 1.105%.