The Treasury Department auctioned $34 billion of five-year notes, with a 2% coupon, a 2.066% high yield, a price of 99.688000.

The bid-to-cover ratio was 2.46.

Tenders at the high yield were allotted 12.97%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.030%. The low yield was 1.900%.

Tenders totaled $83,652,232,500 and the Treasury accepted $34,000,022,500 including $27,435,500 non-competitive.

The Fed banks bought $1,844,997,300 for their own account.

The notes, which are dated Nov. 30, will mature Nov. 30, 2022.

Tender rates for the Treasury Department's latest 91-day discount bills were unchanged incurring a 1.285% high rate.

The coupon equivalent was 1.307%. The price was 99.675181.

The median bid on the 91s was 1.270%. The low bid was 1.250%.

Tenders at the high rate were allotted 92.56%. The bid-to-cover ratio was 3.07.

Tenders totaled $129,082,223,000 and the Treasury accepted $42,000,135,000 including $565,078,000 of non-competitive.

The Fed banks bought nothing for themselves.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.