NEW YORK - The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.313% yield, a price of 99.874829.

The bid-to-cover ratio was 3.62%

Tenders at the high yield were allotted 90.32%.

The median yield was 0.300%. The low yield was 0.242%.

Tenders totaled $126,583,751,700 and the Treasury accepted $35,000,011,700, including $175,978,900 non-competitive.

The Fed banks also bought $357,340,200 for their own account in exchange for maturing securities.

The two-year notes are dated July 2 and due June 30, 2014.

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