The Treasury Department Tuesday auctioned $34 billion of two-year notes with a 3/8% coupon at a 0.386% yield, a price of 99.978190.

The bid-to-cover ratio was 3.21.

Tenders at the high yield were allotted 70.92%.

The median yield was 0.372%. The low yield was 0.330%.

Tenders totaled $109,017,565,500 and the Treasury accepted $34,000,025,500, including $142,980,500 non-competitive.

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

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

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