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.


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