The Treasury Department sold $13 billion of inflation-indexed 9-year 10-month TIPs at a negative 0.602% yield, an adjusted price of 107.058044, with a 1/8% coupon.

The bid-to-cover ratio was 2.74.

Tenders at the market-clearing yield were allotted 65.46%.

The notes are dated Jan. 15 and are due Jan. 15, 2023.

Among competitive tenders, the median yield was negative 0.657% and the low yield negative 0.701%, Treasury said.

Tenders totaled $35,576,472,000 of which the Treasury accepted $13,000,008,000. Noncompetitive tenders totaled $12,547,000. Fed banks bought nothing for their own accounts.

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