The Treasury Department yesterday auctioned $40 billion of three-year notes with a 1 3/8% coupon at a 1.437% yield, a price of 99.818589.

The bid-to-cover ratio was 3.13. Tenders at the high yield were allotted 15.66%. The median yield was 1.403%. The low yield was 1.340%. Tenders totaled $125,069,178,000 and the Treasury accepted $40,000,016,000, including $70,478,000 of noncompetitive. The notes will mature March 15, 2013.

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