The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.370% yield, a price of 99.642320.
The bid-to-cover ratio was 3.51.
Tenders at the high yield were allotted 22.25%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.354%. The low yield was 0.274%.
Tenders totaled $112,317,309,400 and the Treasury accepted $32,000,116,900, including $46,109,400 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, dated Aug. 15, will mature Aug. 15, 2015.