The Treasury Department yesterday auctioned $25 billion of three-year notes with a 1 3/4% coupon at a 1.800% yield, a price of 99.854788.
The bid-to-cover ratio was 3.07. Tenders at the high yield were allotted 21.59%. The median yield was 1.743%. The low yield was 1.600%.
Tenders totaled $76,830,200,000 and the Treasury accepted $25,000,041,500, including $20,200,000 of noncompetitive.
Federal Reserve banks also bought $4,443,096,500 for their own account in exchange for maturing securities.
The notes, dated Nov. 15, will mature Nov. 15, 2011.
Tender rates for the Treasury’s latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.355% high rate, down from 0.530% the prior week, and the six-months incurred a 0.990% high rate, down from 1.100%.
Coupon equivalents were 0.360% and 1.009%, respectively. The price for the 91s was 99.910264 and that for the 182s was 99.499500.
The median bid on the 91s was 0.300%. The low bid was 0.000%. Tenders at the high rate were allotted 21.29%. The bid-to-cover ratio was 3.32.
The median bid for the 182s was 0.900%. The low bid was 0.500%. Tenders at the high rate were allotted 50.75%. The bid-to-cover ratio was 3.16.
