The Treasury Department yesterday auctioned $40 billion of five-year notes, with a 2 1/8% coupon, a 2.130% high yield, and a price of 99.976355.

The bid-to-cover ratio was 2.71. Tenders at the high yield were allotted 15.05%. The median yield was 2.070%. The low yield was 1.980%.

Tenders totaled $108,368,051,000 and the Treasury accepted $40,000,010,000, including $145,377,000 of noncompetitive.

Federal Reserve banks bought $869,202,400 for their own account in exchange for maturing securities. The notes, which are dated May 31, will mature May 31, 2015.

Treasury also sold $25 billion of 56-day cash management bills, dated May 27, due July 22, at a 0.150% high rate.

The bid to cover ratio was 4.08. The coupon equivalent was 0.152%. The price was 99.976667.

The low bid was 0.120%. The median bid was 0.140%. Tenders at the high were allotted 74.88%.

Tenders totaled $102,007,550,000 and the Treasury accepted $25,001,002,800, including $1,550,000 of noncompetitive.

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