The Treasury Department sold $11 billion of inflation-indexed 9-year, 8-month TIPs at a 0.420% high yield, an adjusted price of 100.496978, with a 3/8% coupon.

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The bid-to-cover ratio was 2.56.

Tenders at the market-clearing yield were allotted 73.08%.

The notes are dated May 31 and are due Jan. 15, 2027.

Among competitive tenders, the median yield was 0.389% and the low yield 0.311%, Treasury said.

Tenders totaled $28,164,772,100 of which the Treasury accepted $11,000,038,700. Noncompetitive tenders totaled $28,838,700. Fed banks bought $1,323,344,500 for their own accounts.

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