The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 5/8% coupon at a 0.648% yield, a price of 99.954426.
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The bid-to-cover ratio was 3.40.
Tenders at the high yield were allotted 98.15%.
The median yield was 0.620%. The low yield was 0.590%.
Tenders totaled $88,292,550,200 and the Treasury accepted $26,000,062,700, including $131,205,200 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, 2017.
