The Treasury Department Tuesday auctioned $32 billion of two-year notes with a 1/4% coupon at a 0.345% yield, a price of 99.810817.

The bid-to-cover ratio was 3.77.

Tenders at the high yield were allotted 70.75%.

The median yield was 0.329%. The low yield was 0.300%.

Tenders totaled $120,552,951,400 and the Treasury accepted $32,000,156,400, including $108,951,400 non-competitive.

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

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

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