The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.342% yield, a price of 99.725644.

The bid-to-cover ratio was 3.24.

Tenders at the high yield were allotted 8.62%. All competitive tenders at lower yields were accepted in full.

The median yield was 0.324%. The low yield was 0.257%.

Tenders totaled $103,603,712,500 and the Treasury accepted $32,000,223,900, including $24,612,500 non-competitive.

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

The notes, dated April 15, will mature April 15, 2016.

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