The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 1 1/2% coupon at a 1.525% high yield, a price of 99.927029.

The bid-to-cover ratio was 2.62.

Tenders at the high yield were allotted 13.13%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.460%. The low yield was 1.380%.

Tenders totaled $62,876,248,000 and the Treasury accepted $24,000,028,200, including $197,264,200 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

The notes, dated April 17, will mature April 15, 2020.
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