The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.336% yield, a price of 99.828720.

The bid-to-cover ratio was 3.08.

Tenders at the high yield were allotted 42.14%.

The median yield was 0.315%. The low yield was 0.285%.

Tenders totaled $107,699,136,600 and the Treasury accepted $35,000,055,600, including $147,186,600 non-competitive.

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

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

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