The Treasury Department auctioned $35 billion of five-year notes, with a 1/2% coupon, a 0.584% high yield, a price of 99.586667.

The bid-to-cover ratio was 2.71.

Tenders at the high yield were allotted 12.20%. All competitive tenders at lower yields were accepted in full.

The median yield was 0.542%. The low yield was 0.470%.

Tenders totaled $94,762,711,400 and the Treasury accepted $35,000,111,400 including $25,511,400 non-competitive.

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

The notes, which are dated July 31, will mature July 31, 2017.

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