The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 3/8% coupon at a 0.411% yield, a price of 99.892773.
The bid-to-cover ratio was 3.51.
Tenders at the high yield were allotted 50.25%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.400%. The low yield was 0.327%.
Tenders totaled $112,237,249,700 and the Treasury accepted $32,000,042,200, including $46,899,700 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, dated March 15, will mature March 15, 2016.