The Treasury Department Tuesday auctioned $31 billion of two-year notes with a 3/8% coupon at a 0.392% yield, a price of 99.966254.
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The bid-to-cover ratio was 3.52.
Tenders at the high yield were allotted 81.13%.
The median yield was 0.370%. The low yield was 0.333%.
Tenders totaled $109,085,020,900 and the Treasury accepted $31,000,106,400, including $191,720,900 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated May 31 and due May 31, 2016.
