The Treasury Department Wednesday auctioned $13 billion of two-year floating rate notes with a high discount margin of 0.060%, at a 0.060% spread, a price of 100.00000.

The bid-to-cover ratio was 3.32.

Bloomberg News

Tenders at the high margin were allotted 61.06%.

The median discount margin was 0.055%. The low discount margin was 0.039%.

Tenders totaled $49,786,070,200 and the Treasury accepted $15,000,325,200, including $8,347,200 non-competitive.

The Fed banks bought $1,525,119,400 for their own account.

The notes are dated July 31 and due July 31, 2019.

The index determination date is July 24 and the index determination rate is 1.180%.

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