The Treasury Department yesterday auctioned $32 billion of seven-year notes, with a 3 1/4% coupon, a 3.345% high yield, and a price of 99.411474.

The bid-to-cover ratio was 2.72. Tenders at the high yield were allotted 55.69%. The median yield was 3.290%. The low yield was 3.200%. Tenders totaled $86,912,515,100 and the Treasury accepted $32,000,037,100, including $52,063,100 of noncompetitive.

Federal Reserve banks bought $948,398,600 for their own account in exchange for maturing securities.

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