The Treasury Department Wednesday auctioned $13 billion of two-year floating rate notes with a high discount margin of 0.050%, at a 0.070% spread, a price of 100.038573.

The bid-to-cover ratio was 2.99.

Bloomberg News

Tenders at the high margin were allotted 17.20%.

The median discount margin was 0.035%. The low discount margin was 0.010%.

Tenders totaled $38,857,407,400 and the Treasury accepted $13,000,007,400, including $7,657,400 non-competitive.

The Fed banks bought none for their own account.

The notes are dated April 30 and due April 30, 2019.

The index determination date is May 22 and the index determination rate is 0.920%.

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