The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1 3/8% coupon at a 1.462% yield, a price of 99.829541.

The bid-to-cover ratio was 2.88.

Tenders at the high yield were allotted 45.60%.

The median yield was 1.439%. The low yield was 1.345%.

Tenders totaled $74,870,459,600 and the Treasury accepted $26,000,259,600, including $118,659,600 non-competitive.

The Fed banks bought $3,234,231,900 for their own account in exchange for maturing securities.

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

Treasury building.
Treasury building.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.