The Treasury Department yesterday auctioned $42 billion of five-year notes, with a 2 5/8% coupon, a 2.665% high yield, a price of 99.813909.

The bid-to-cover ratio was 2.59. Tenders at the high yield were allotted 31.16%. The median yield was 2.600%. The low yield was 2.538%.

Tenders totaled $108,683,366,500 and the Treasury accepted $42,000,036,500 including $109,266,500 non-competitive. The Federal Reserve banks bought $1,244,773,200 for their own account in exchange for maturing securities.

The Treasury yesterday also auctioned $23 billion of four-week bills at a 0.010% high yield, a price of 99.999222.

The coupon equivalent was 0.010%. The bid-to-cover ratio was 3.95.

Tenders at the high rate were allotted 12.36%. The median yield was zero. The low yield was zero.

Tenders totaled $90,929,369,900 and the Treasury accepted $23,000,270,900, including $276,481,900 non-competitive.  The Fed banks bought $6,285,071,700 for their own account in exchange for maturing securities.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.