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.
Tender rates for Treasury’s latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.135% high rate, unchanged from 0.135% the prior week, and the six-months incurred a 0.305% high rate, down from 0.330%.
Coupon equivalents were 0.137% and 0.310%, respectively. The price for the 91s was 99.965875 and that for the 182s was 99.845806. The median bid on the 91s was 0.110%. The low bid was 0.050%. Tenders at the high rate were allotted 62.20%. The bid-to-cover ratio was 3.04.
The median bid for the 182s was 0.280%. The low bid was 0.225%. Tenders at the high rate were allotted 27.05%. The bid-to-cover ratio was 2.97.
