The Treasury Department yesterday auctioned $34 billion of two-year notes with a 1.5% coupon at a 1.600% yield, a price of 99.803937.

The bid-to-cover ratio was 2.49. Tenders at the high yield were allotted 93.81%. The median yield was 1.575%. The low yield was 1.400%.

Tenders totaled $84,608,807,800 and the Treasury accepted $34,000,533,300, including $528,747,800 of noncompetitive.

Federal Reserve banks also bought $1,506,428,000 for their own account in exchange for maturing securities.

The notes are dated Oct. 31 and due Oct. 31, 2010.

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