The Treasury Department yesterday auctioned $41 billion of five-year notes, with a 2 3/8% coupon, a 2.388% high yield, and a price of 99.938982.

The bid-to-cover ratio was 2.63. Tenders at the high yield were allotted 2.81%. The median yield was 2.300%. The low yield was 2.140%.

Tenders totaled $107,905,596,500 and the Treasury accepted $41,000,001,500 including $121,996,500 of noncompetitive.

Treasury also sold $25 billion of 300-day cash management bills, dated Oct. 30, due Aug. 26, 2010, at a 0.315% high tender rate.

The bid-to-cover ratio was 3.85. The coupon equivalent was 0.320%. The price was 99.737500. The low bid was 0.270%. The median bid was 0.310%. Tenders at the high were allotted 99.89%.

Tenders totaled $96,196,325,000 and the Treasury accepted $25,000,489,500, including $2,925,000 of noncompetitive.

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