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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.