The Treasury Department auctioned $38 billion of five-year notes, with a 1 7/8% coupon, a 1.995% high yield, a price of 99.431646. The bid-to-cover ratio was 2.58.

Tenders at the high yield were allotted 18.36%. All competitive tenders at lower yields were accepted in full. The median yield was 1.925%. The low yield was 1.8%.

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