The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.273% yield, a price of 99.954157.
The bid-to-cover ratio was 3.94%
Tenders at the high yield were allotted 9.01%.
The median yield was 0.265%. The low yield was 0.200%.
Tenders totaled $137,972,842,300 and the Treasury accepted $35,000,091,200, including $204,542,300 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The two-year notes are dated Aug. 31 and due Aug. 31, 2014.