The Treasury Department yesterday auctioned $40 billion of two-year notes with a 5/8% coupon at a 0.738% yield, a price of 99.776070.
The bid-to-cover ratio was 3.45. Tenders at the high yield were allotted 70.18%. The median yield was 0.720%. The low yield was 0.647%. Tenders totaled $138,149,179,900 and the Treasury accepted $40,000,139,900, including $432,579,900 of noncompetitive.