The Treasury Department yesterday auctioned $42 billion of two-year notes with a 1% coupon at a 1.119% yield, a price of 99.765292. The bid-to-cover ratio was 2.68. Tenders at the high yield were allotted 92.32%. The median yield was 1.060%. The low yield was 0.950%.

Treasury also auctioned $27 billion of one-year bills at a 0.460% high yield, a price of 99.534889. The coupon equivalent was 0.468%. The bid-to-cover ratio was 3.44. Tenders at the high rate were allotted 18.20%. The median yield was 0.440%. The low yield was 0.390%.

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