The Treasury Department Thursday sold $7 billion of inflation-indexed 29-year 8-month bonds at a 1.420% yield, an adjusted price of 81.754227, with a 5/8% coupon.

The bid-to-cover ratio was 2.48.

All competitive tenders at yields lower than the high yield were accepted in full. Tenders at the market-clearing yield were allotted 4.07%.

The bonds are have an issue date of June 28, a dated date of Feb. 15 and are due Feb. 15, 2043.

Among competitive tenders, the median yield was 1.300% and the low yield 1.230%, Treasury said.

Tenders totaled $17,367,170,100 of which the Treasury accepted $7,000,001,800. Noncompetitive tenders totaled $17,920,100. The Federal Reserve Banks bought nothing for their own accounts.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.