The Treasury Department Monday auctioned $32 billion of two-year notes with a 1/4% coupon at a 0.323% yield, a price of 99.854588.
The bid-to-cover ratio was 3.32.
Tenders at the high yield were allotted 13.56%.
The median yield was 0.305%. The low yield was 0.250%.
Tenders totaled $106,090,172,000 and the Treasury accepted $32,000,152,000, including $140,872,000 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated October 31 and due October 31, 2015.