The Treasury Department yesterday auctioned $38 billion of two-year notes with a 7/8% coupon at a 0.922% yield, a price of 99.907073.

The bid-to-cover ratio was 2.13. Tenders at the high yield were allotted 97.81%. The median yield was 0.834%. The low yield was 0.750%. Tenders totaled $80,924,970,600 and the Treasury accepted $38,000,020,600, including of $343,445,600 noncompetitive.

Federal Reserve banks also bought $2,773,313,700 for their own account in exchange for maturing securities.


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