The Treasury Department yesterday auctioned $28 billion of seven-year notes, with a 3 1/4% coupon, a 3.369% high yield, and a price of 99.263422.

The bid-to-cover ratio was 2.63. Tenders at the high yield were allotted 91.73%. The median yield was 3.287%. The low yield was 3.210%.

Tenders totaled $73,586,093,600 and the Treasury accepted $28,000,001,100, including $49,593,600 of noncompetitive.

Federal Reserve banks bought $701,450,800 for their own account in exchange for maturing securities.

The notes are dated July 31 and are due July 31, 2016.

The Treasury yesterday also said that on Monday it will auction $31 billion of 91-day bills, dated Aug. 6 and due Nov. 5, and $31 billion of 182-day discount bills, dated Aug. 6 and due Feb. 4, 2010.

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