The Treasury Department auctioned $35 billion of five-year notes, with a 7/8% coupon, a 0.889% high yield, a price of 99.931681.

The bid-to-cover ratio was 2.88.

Tenders at the high yield were allotted 32.39%. All competitive tenders at lower yields were accepted in full.

The median yield was 0.857%. The low yield was 0.800%.

Tenders totaled $100,863,373,400 and the Treasury accepted $35,000,013,900 including $29,273,400 non-competitive.

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

The notes, which are dated Jan. 31, will mature Jan. 31, 2018.

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