The Treasury Department Wednesday auctioned $24 billion of three-year notes with a 1 5/8% coupon at a 1.657% high yield, a price of 99.906770.

The bid-to-cover ratio was 2.83.

Bloomberg News

Tenders at the high yield were allotted 65.06%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.610%. The low yield was 1.250%.

Tenders totaled $68,022,781,200 and the Treasury accepted $24,000,066,200, including $76,484,200 non-competitive.

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

The notes, dated Oct. 15, will mature Oct. 15, 2020.

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