The Treasury Department yesterday auctioned $40 billion of three-year notes with a 1 3/8% coupon at a 1.490% yield, a price of 99.663820.

The bid-to-cover ratio was 2.98. Tenders at the high yield were allotted 79.20%. The median yield was 1.452%. The low yield was 1.388%. Tenders totaled $119,016,271,000 and the Treasury accepted $40,000,191,000, including $81,871,000 non-competitive.

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