The Treasury Department Monday auctioned $26 billion of two-year notes with a 1 3/4% coupon at a 1.765% yield, a price of 99.970650.

The bid-to-cover ratio was 2.73.

Treasury building.
Treasury building.

Tenders at the high yield were allotted 97.93%.

The median yield was 1.750%. The low yield was 1.650%.

Tenders totaled $70,856,848,700 and the Treasury accepted $26,000,074,200, including $212,308,700 non-competitive.

The Fed banks bought $1,410,880,300 for their own account in exchange for maturing securities.

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

Tender rates for the Treasury's latest 182-day discount bills incurred a 1.435% high rate, up from 1.415% the week before.

The coupon equivalent was 1.466%, the price was 99.274528.

The median bid was 1.420%. The low bid was 1.400%.

Tenders at the high rate were allotted 18.29%. The bid-to-cover ratio was 3.34.

Tenders totaled $120,383,716,700 and the Treasury accepted $36,000,431,200, including $439,272,700 of non-competitive.

The Fed banks bought nothing for themselves.

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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.