The Treasury Department yesterday auctioned $44 billion of two-year notes with a 7/8% coupon at a 0.895% yield, a price of 99.960486.

The bid-to-cover ratio was 3.33. Tenders at the high yield were allotted 14.79%. The median yield was 0.865%. The low yield was 0.800%. Tenders totaled $146,571,172,800 and the Treasury accepted $44,000,005,300, including $391,172,800 of noncompetitive. The Federal Reserve banks also bought $1,081,378,100 for their own account.

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