NEW YORK – The Treasury Department sold $13 billion of inflation-indexed 9-year 8-month TIPs at a negative 0.391% yield, an adjusted price of 106.458589, with a 1/8% coupon.

The bid-to-cover ratio was 3.01.

Tenders at the market-clearing yield were allotted 86.03%.

The notes are dated Jan. 15 and are due Jan. 15, 2022.

Among competitive tenders, the median yield was negative 0.420% and the low yield negative 0.455%, Treasury said.

Tenders totaled $39,153,771,200 of which the Treasury accepted $13,000,283,700. Noncompetitive tenders totaled $23,091,200. Fed banks bought $174,200 for their own accounts.

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