The Treasury Department yesterday auctioned $35 billion of three-year notes with a 1% coupon at a 1.055% yield, a price of 99.838004.

The bid-to-cover ratio was 3.20. Tenders at the high yield were allotted 72.43%. All competitive tenders at lower yields were accepted in full. The median yield was 1.019%. The low yield was 0.947%.

Tenders totaled $111,830,271,700 and the Treasury accepted $35,000,048,700, including $59,821,700 non-competitive. The Federal Reserve banks also bought $9,938,400 for their own account in exchange for maturing securities. The notes are dated July 15 and will mature July 15, 2013.

Tender rates for the Treasury’s latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.150% high rate, down from 0.165% the prior week, and the six-months incurred a 0.200% high rate, down from 0.205% the week before. Coupon equivalents were 0.152% and 0.203%, respectively. The price for the 91s was 99.962083, and that for the 182s was 99.898889.

The median bid on the 91s was 0.140%. The low bid was 0.110%. Tenders at the high rate were allotted 80.78%. The bid-to-cover ratio was 4.64. Tenders totaled $139,137,483,100 and the Treasury accepted $30,000,120,100, including $1,093,558,100 of non-competitive.

The median bid for the 182s was 0.190%. The low bid was 0.150%. Tenders at the high rate were allotted 36.10%. The bid-to-cover ratio was 3.90.

Tenders totaled $117,065,767,500 and the Treasury accepted $30,000,612,500, including $875,457,500 of non-competitive.

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