The Treasury Department yesterday auctioned $42 billion of five-year notes, with a 2 3/8% coupon, a 2.395% high yield, a price of 99.906254.

The bid-to-cover ratio was 2.75.

Tenders at the high yield were allotted 32.83%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.348%. The low yield was 2.280%.

Tenders totaled $115,389,848,100 and the Treasury accepted $42,000,035,600, including $127,068,100 of noncompetitive.

Federal Reserve banks bought $1,032,224,300 for their own account in exchange for maturing securities.

The notes, which are dated Feb. 28, will mature Feb. 28, 2015.

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