The Treasury Department yesterday auctioned $44 billion of two-year notes with a 1% coupon at a 1.020% yield, a price of 99.960585.

The bid-to-cover ratio was 3.63. Tenders at the high yield were allotted 3.21%. The median yield was 0.980%. The low yield was 0.800%.

Treasury also auctioned $28 billion of four-week bills at a 0.045% high yield, a price of 99.996375.

The coupon equivalent was 0.046%. The bid-to-cover ratio was 4.62. Tenders at the high rate were allotted 45.65%. The median yield was 0.020%, and the low yield was zero.

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