The Treasury Department yesterday auctioned $42 billion of two-year notes with a 1% coupon at a 1.080% yield, a price of 99.842137. The bid-to-cover ratio was 2.75. Tenders at the high yield were allotted 21.59%. The median yield was 1.039%. The low yield was 0.950%.

Treasury auctioned $27 billion of one-year bills at a 0.470% high yield, a price of 99.524778. The coupon equivalent was 0.478%. The bid-to-cover ratio was 3.95. Tenders at the high rate were allotted 38.54%. The median yield was 0.445%. The low yield was 0.400%.

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