The Treasury Department Tuesday auctioned $29 billion of three-year notes with a 7/8% coupon at a 0.928% yield, a price of 99.843551.
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The bid-to-cover ratio was 3.40.
Tenders at the high yield were allotted 65.04%. All competitive tenders at lower yields were accepted in full.
The median yield was 0.907%. The low yield was 0.845%.
Tenders totaled $98,622,972,600 and the Treasury accepted $29,000,032,600, including $43,872,600 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, dated May 15, will mature May 15, 2017.
