The Treasury Department sold $13 billion of inflation-indexed 9-year 10-month TIPs at a 0.500% high yield, an adjusted price of 99.178464, with a 3/8% coupon.

The bid-to-cover ratio was 2.38.

Tenders at the market-clearing yield were allotted 22.56%.

The notes are dated Sept. 30 and are due July 15, 2023.

Among competitive tenders, the median yield was 0.404% and the low yield 0.350%, Treasury said.

Tenders totaled $30,959,380,000 of which the Treasury accepted $13,000,063,400. Noncompetitive tenders totaled $18,715,400. Fed banks bought nothing for their own accounts.

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