The Treasury Department Monday auctioned $36 billion of two-year notes with a 3/8% coupon at a 0.441% yield and a price of 99.868724. The bid-to-cover ratio was 3.78.

Tenders at the high yield were allotted 25.35%. The median yield was 0.418%. The low yield was 0.350%. Tenders totaled $136,246,974,800 and the Treasury accepted $36,000,099,800, including $419,674,800 of noncompetitive. Federal Reserve banks also bought $1,134,162,700 for their own account.

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