The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.288% yield, a price of 99.924273.

The bid-to-cover ratio was 3.77%

Tenders at the high yield were allotted 13.41%.

The median yield was 0.269%. The low yield was 0.225%.

Tenders totaled $131,783,486,200 and the Treasury accepted $35,000,111,200, including $167,386,200 non-competitive.

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

The two-year notes are dated Jan. 31 and due Jan. 31, 2015.

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