The Treasury Department yesterday auctioned $10 billion of 29-year, nine-month bonds with a 4 1/2% coupon at a 4.609% high yield, a price of 98.231860.
The bid-to-cover ratio was 2.40. Tenders at the high yield were allotted 59.02%. The median yield was 4.585%. The low yield was 4.550%.
Tenders totaled $23,997,774,000 and the Treasury accepted $10,000,043,000, including $39,274,000 of noncompetitive.
Federal Reserve banks also bought $3,728,018,100 for their own account in exchange for maturing securities.
The bonds, dated May 15, will mature May 15, 2038.