Treasury 2-year floaters auctioned with high margin of 0.080%

The Treasury Department Wednesday auctioned $13 billion of one-year 10-month floating rate notes with a high discount margin of 0.080%, at a 0.070% spread, a price of 99.981468.

The bid-to-cover ratio was 3.13.

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The US Treasury Department has appealed to the Sixth Circuit Court a pair of lawsuits with Ohio and Kentucky that have blocked the department from enforcing an ARPA provision that restricts the states from using the funds to offset tax cuts.

Tenders at the high margin were allotted 63.30%.

The median discount margin was 0.068%. The low discount margin was 0.050%.

Tenders totaled $40,741,434,000 and the Treasury accepted $13,000,044,000, including $4,934,000 non-competitive.

The Fed banks bought $1,580,212,200 for their own account.

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

The index determination date is June 26 and the index determination rate is 1.000%.

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