The Treasury Department Tuesday auctioned $32 billion of two-year notes with a 3/8% coupon at a 0.380% yield, a price of 99.990047.
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The bid-to-cover ratio was 3.30.
Tenders at the high yield were allotted 92.01%.
The median yield was 0.360%. The low yield was 0.300%.
Tenders totaled $105,501,860,700 and the Treasury accepted $32,000,015,700, including $175,460,700 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated January 31 and due January 31, 2016.
