The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.295% yield, a price of 99.910331.
The bid-to-cover ratio was 4.02%
Tenders at the high yield were allotted 92.36%.
The median yield was 0.283%. The low yield was 0.239%.
Tenders totaled $140,567,337,500 and the Treasury accepted $35,000,053,500, including $161,837,500 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Oct. 31 and due Oct. 31, 2014.