The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.070%, at a 0.070% spread, a price of 99.999994.

The bid-to-cover ratio was 3.35.

Tenders at the high margin were allotted 97.71%.

The median discount margin was 0.065%. The low discount margin was 0.045%.

Tenders totaled $50,217,848,700 and the Treasury accepted $15,000,071,700, including $20,297,700 non-competitive.

The Fed banks bought $2,047,275,600 for their own account.

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

The index determination date is April 24 and the index determination rate is 0.820%.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.