The Treasury Department sold $13 billion of inflation-indexed 9-year 8-month TIPs at a negative 0.720% yield, an adjusted price of 109.101900, with a 1/8% coupon.

The bid-to-cover ratio was 2.52.

Tenders at the market-clearing yield were allotted 33.09%.

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

Among competitive tenders, the median yield was negative 0.787% and the low yield negative 0.850%, Treasury said.

Tenders totaled $32,757,443,400 of which the Treasury accepted $13,000,022,400. Noncompetitive tenders totaled $18,503,400. Fed banks bought nothing for their own accounts.

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