The Treasury Department Tuesday auctioned $12 billion of 29-year 10-month bonds with a 3% coupon at a 2.938% high yield, a price of 101.221385.

The bid-to-cover ratio was 2.23.

Tenders at the high yield were allotted 27.01%.

Bloomberg News

The median yield was 2.861%. The low yield was 2.800%.

Tenders totaled $26,811,570,100 and the Treasury accepted $12,098,641,600 including $7,259,000 non-competitive.

The Fed banks purchased $98,632,100 for their own account.

The bonds dated Feb. 15, will mature Feb. 15, 2047.

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