The Treasury Department yesterday auctioned $28 billion of three-year notes with a 1 1/8% coupon at a 1.245% yield, a price of 99.647715. The bid-to-cover ratio was 2.15.

Tenders at the high yield were allotted 64.62%. All competitive tenders at lower yields were accepted in full. The median yield was 1.149%. The low yield was 0.960%.

Tenders totaled $60,275,487,800 and the Treasury accepted $28,000,052,800, including $56,487,800 of noncompetitive.

Federal Reserve banks also bought $841,463,700 for their own account in exchange for maturing securities.

The notes, dated Dec. 15, will mature Dec. 15, 2011.

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