The Treasury Department Thursday auctioned $18 billion of four-year four-month inflation-indexed notes with a 0.125% coupon, a negative 1.311% high yield, an adjusted price of 107.8205710.

The bid-to-cover ratio was 2.18.

Tenders at the high yield were allotted 19.61%. All competitive tenders at lower yields were accepted in full.

The median yield was negative 1.406%. The low yield was negative 1.486%.

Tenders totaled $39,295,984,700 and the Treasury accepted $18,000,009,700 including $68,434,700 non-competitive.

The Fed banks also bought nothing for their own account in exchange for maturing securities.

The notes, which have an issue date of April 30, are dated April 15, and will mature April 15, 2018.

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