The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 1 3/4% coupon at a 1.750% high yield, a price of par.

The bid-to-cover ratio was 2.76.

Tenders at the high yield were allotted 55.06%. All competitive tenders at lower yields were accepted in full.

The median yield was 1.699%. The low yield was 1.188%.

Tenders totaled $66,202,378,300 and the Treasury accepted $24,000,062,300, including $62,228,300 non-competitive.

The Fed banks bought $2,918,371,200 for their own account in exchange for maturing securities.

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

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.