The Treasury Department yesterday sold $8 billion of inflation-indexed 10-year TIPs at a 1.920% yield, an adjusted price of 99.592335, with a 1 7/8% coupon.

The bid-to-cover ratio was 2.51. Tenders at the market-clearing yield were allotted 23.38%. The notes are dated July 15 and are due July 15, 2019.

Among competitive tenders, the median yield was 1.799% and the low yield 1.630%, Treasury said.

Tenders totaled $19,831,446,000, of which the Treasury accepted $7,741,097,000. Noncompetitive tenders totaled $258,911,500. Federal Reserve banks bought $135,232,800 for their own accounts.

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