The Treasury Department Wednesday auctioned $16 billion of 30-year bonds with a 2 3/4% coupon at a 2.825% high yield, a price of 98.489469.

The bid-to-cover ratio was 2.41.

Tenders at the high yield were allotted 91.84%.

The median yield was 2.765%. The low yield was 2.700%.

Tenders totaled $38,500,815,700 and the Treasury accepted $16,000,007,700 including $19,115,700 non-competitive.

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

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

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