The Treasury Department yesterday auctioned $20 billion of five-year notes with a 3 3/8% coupon, a 3.440% high yield, and a price of 99.703743.

The bid-to-cover ratio was 2.48.

Tenders at the high yield were allotted 83.47%. All competitive tenders at lower yields were accepted in full.

The median yield was 3.409%. The low yield was 3.335%.

Tenders totaled $49,590,006,000 and the Treasury accepted $20,000,076,700, including $91,006,000 of noncompetitive.

Federal Reserve banks bought $2,144,320,000 for their own account in exchange for maturing securities.

The notes, which are dated June 30, will mature June 30, 2013.

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