The Treasury Department yesterday sold $10 billion of 10-year Treasury inflation-protected securities at a 1.430% yield, an adjusted price of 99.489212, with a 1 3/8% coupon.

The TIPS bid-to-cover ratio was 2.65. Tenders at the market-clearing yield were allotted 95.63%. The median yield was 1.300% and the low yield 1.230%.

Tenders totaled $26,459,282,100 of which the Treasury accepted $10,000,007,400. Noncompetitive tenders totaled $272,532,100. Federal Reserve banks bought $388,273,200 for their own accounts.

Tender rates for the Treasury’s latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.040% high rate, down from 0.080% the prior week, and the six-months incurred a 0.130% high rate, down from 0.180% the week before.

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