The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1/2% coupon at a 0.598% yield, a price of 99.805456.
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The bid-to-cover ratio was 3.46.
Tenders at the high yield were allotted 19.33%.
The median yield was 0.560%. The low yield was 0.500%.
Tenders totaled $89,872,855,100 and the Treasury accepted $26,000,007,600, including $156,705,100 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated March 31 and due March 31, 2017.
