The Treasury Department yesterday auctioned $40 billion of five-year notes, with a 2 3/8% coupon, a 2.470% high yield, a price of 99.555732. The bid-to-cover ratio was 2.40.

Tenders at the high yield were allotted 39.82%. All competitive tenders at lower yields were accepted in full. The median yield was 2.390%. The low yield was 2.295%. Tenders totaled $95,981,722,600 and the Treasury accepted $40,000,029,400 including $117,122,600 non-competitive. The Federal Reserve banks bought $708,516,400 for their own account in exchange for maturing securities. The notes, which are dated Sept. 30, will mature Sept. 30, 2014.

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