The Treasury Department Monday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.352% yield, a price of 99.695876.

The bid-to-cover ratio was 3.62.

Tenders at the high yield were allotted 7.09%. All competitive tenders at lower yields were accepted in full.

The median yield was 0.319%. The low yield was 0.256%.

Tenders totaled $115,957,852,100 and the Treasury accepted $32,000,069,600, including $48,752,100 of noncompetitive. Federal Reserve banks also bought $1,171,134,000 for their own account in exchange for maturing securities.

The notes, dated Dec. 15, will mature Dec. 15, 2014.

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