The Treasury Department yesterday auctioned $35 billion of three-year notes with a 1 7/8% coupon at a 1.960% yield, a price of 99.753523.

The bid-to-cover ratio was 2.82. Tenders at the high yield were allotted 52.27%. The median yield was 1.904%. The low yield was 1.800%. Tenders totaled $98,692,742,400 and the Treasury accepted $35,000,132,300, including $92,042,400 of noncompetitive. Fed Reserve banks also bought $369,923,200 for their own account in exchange for maturing securities.

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