The Treasury Department Monday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.280% yield and a price of 99.940209.
The bid-to-cover ratio was 4.07% Tenders at the high yield were allotted 8.48%. The median yield was 0.250%. The low yield was 0.206%.
Tenders totaled $142,490,683,200 and the Treasury accepted $35,000,243,200, including $173,183,200 of noncompetitive.
Federal Reserve banks also bought $1,585,824,100 for their own account in exchange for maturing securities.