The Treasury Department Wednesday auctioned $13 billion of 29-year 10-month bonds with a 3% coupon at a 2.580% high yield, a price of 108.697683.

The bid-to-cover ratio was 2.70.

Tenders at the high yield were allotted 40.64%.

The median yield was 2.549%. The low yield was 2.436%.

Tenders totaled $35,062,538,200 and the Treasury accepted $13,000,030,200 including $9,838,200 non-competitive.

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

The bonds, dated May 15, 2012, will mature May 15, 2042.

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