The Treasury Department sold $11 billion of inflation-indexed 9-year 8-month TIPs at a 0.512% high yield, an adjusted price of 99.585502, with a 3/8% coupon.

The bid-to-cover ratio was 2.43.

Tenders at the market-clearing yield were allotted 44.70%.

The notes are dated July 15 and are due July 15, 2027.

Among competitive tenders, the median yield was 0.457% and the low yield 0.420%, Treasury said.

Tenders totaled $26,748,981,500 of which the Treasury accepted $11,000,006,500. Noncompetitive tenders totaled $16,421,500. Fed banks bought $596,910,800 for their own accounts.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.