The Treasury Department Monday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.257% yield, a price of 99.986045.

The bid-to-cover ratio was 3.33%

Tenders at the high yield were allotted 74.46%.

The median yield was 0.249%. The low yield was 0.199%.

Tenders totaled $116,463,818,300 and the Treasury accepted $35,000,121,300, including $154,473,300 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

The two-year notes are dated Feb. 28 and due Feb. 28, 2015.

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