The Treasury Department yesterday auctioned $40 billion of two-year notes with a 7/8% coupon at a 0.949% yield, and a price of 99.853739.
The bid-to-cover ratio was 2.72. Tenders at the high yield were allotted 11.83%. The median yield was 0.890% and the low yield was 0.780%. Tenders totaled $108,877,322,200 and the Treasury accepted $40,000,119,900, including $411,322,000 of noncompetitive.