The Treasury Department Monday auctioned $32 billion of two-year notes with a 1/4% coupon at a 0.300% yield, a price of 99.900644.
The bid-to-cover ratio was 3.54.
Tenders at the high yield were allotted 16.64%.
The median yield was 0.280%. The low yield was 0.250%.
Tenders totaled $113,177,000,000 and the Treasury accepted $32,000,000,000, including $147,000,000 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated December 2 and due November 30, 2015.