The Treasury Department Thursday auctioned $16 billion of 30-year bonds with a 3 1/8% coupon at a 3.240% high yield and a price of 97.803940.

The bid-to-cover ratio was 2.47.

Tenders at the high yield were allotted 98.13%. The median yield was 3.180%. The low yield was 3.000%.

Tenders totaled $39,498,767,500 and the Treasury accepted $16,000,020,400, including $36,497,500 of noncompetitive.

Federal Reserve banks also bought $1,950,884,900 for their own account in exchange for maturing securities.

The bonds, dated Feb. 15, 2011, will mature Feb. 15, 2042.

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