The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1 1/4% coupon at a 1.280% yield, a price of 99.941005.

The bid-to-cover ratio was 2.85.

Bloomberg

Tenders at the high yield were allotted 4.61%.

The median yield was 1.220%. The low yield was 0.888%.

Tenders totaled $74,171,717,300 and the Treasury accepted $26,000,065,300, including $169,962,300 non-competitive.

The Fed banks bought $3,548,611,100 for their own account in exchange for maturing securities.

The two-year notes are dated April 30 and due April 30, 2019.

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