The Treasury Department yesterday auctioned $42 billion of five-year notes, with a 2 1/2% coupon, a 2.540% high yield, and a price of 99.813289.

The bid-to-cover ratio was 2.75. Tenders at the high yield were allotted 90.56%. The median yield was 2.488%. The low yield was 2.420%.

Tenders totaled $115,417,231,300 and the Treasury accepted $42,000,023,300, including $127,631,300 of noncompetitive. The Federal Reserve banks bought $895,940,000 for their own account in exchange for maturing securities.

The notes, which are dated April 30, will mature April 30, 2015.

The Treasury also sold $25 billion of 56-day cash management bills, dated April 29 and due June 24, at a 0.155% high tender rate. The bid to cover ratio was 4.18.

The coupon equivalent was 0.157%. The price was 99.975889.

The low bid was 0.120%. The median bid was 0.150%. Tenders at the high were allotted 97.74%.

Tenders totaled $104,460,005,000 and the Treasury accepted $25,000,250,000, including $5,000 of noncompetitive.

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