The Treasury Department yesterday auctioned $22 billion of seven-year notes with a 2 5/8% coupon at a 2.748% yield, a price of 99.221940.

The bid-to-cover ratio was 2.11.

Tenders at the high yield were allotted 67.47%. All competitive tenders at lower yields were accepted in full. The median yield was 2.670%. The low yield was 2.500%.

Tenders totaled $46,313,813,300 and the Treasury accepted $46,206,825,000, including $6,988,300 of noncompetitive.

Federal Reserve banks also bought $1,178,487,300 for their own account in exchange for maturing securities.

The notes, dated Feb. 28, will mature Feb. 29, 2016.

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