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.
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.