The Treasury Department yesterday auctioned $38 billion of three-year notes with a 1 3/8% coupon at a 1.487% yield, a price of 99.672573.

The bid-to-cover ratio was 3.02.

Tenders at the high yield were allotted 54.60%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.430%. The low yield was 1.350%.

Tenders totaled $114,937,406,300 and Treasury accepted $38,000,006,300, including $81,006,300 of noncompetitive.

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