The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.327% yield, a price of 99.770732.

The bid-to-cover ratio was 3.36.

Tenders at the high yield were allotted 36.09%. All competitive tenders at lower yields were accepted in full.

The median yield was 0.307%. The low yield was 0.249%.

Tenders totaled $107,391,643,700 and the Treasury accepted $32,000,073,700, including $32,743,700 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

The notes, dated Dec. 15, will mature Dec. 15, 2015.

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