The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1-1/4% coupon at a 1.298% yield and a price of 99.859215.

The bid-to-cover ratio was 3.22.

Tenders at the high yield were allotted 31.72%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.267%. The low yield was 1.197%.

Tenders totaled $103,014,147,100 and the Treasury accepted $32,000,009,100, including $50,000,000 of noncompetitive. Federal Reserve banks did not buy any for their own accounts.

The notes, dated March 15, will mature March 15, 2014.

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