The Treasury Department Thursday sold $5 billion of inflation-indexed 29-year 8-month bonds at a 0.880% high yield, an adjusted price of 101.154806, with a 7/8% coupon.

The bid-to-cover ratio was 2.83.

All competitive tenders at yields lower than the high yield were accepted in full. Tenders at the market-clearing yield were allotted 41.91%.

Bloomberg News

The bonds have an issue date of June 30, a dated date of Feb. 15 and are due Feb. 15, 2047.

Among competitive tenders, the median yield was 0.850% and the low yield was 0.688%, Treasury said.

Tenders totaled $14,147,346,700 of which the Treasury accepted $5,000,005,500. Noncompetitive tenders totaled $9,341,700. The Federal Reserve Banks bought $607,773,900 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.