The Treasury Department auctioned $29 billion of seven-year notes, with a 1 7/8% coupon, a 1.970% high yield, and a price of 99.381826.

The bid-to-cover ratio was 3.06. Tenders at the high yield were allotted 23.90%. All competitive tenders at lower yields were accepted in full. The median yield was 1.939%. The low yield was 1.860%.

Tenders totaled $88,844,691,600 and the Treasury accepted $29,000,025,600, including $14,541,600 of noncompetitive.

Federal Reserve banks bought $594,478,900 for their own account in exchange for maturing securities.

The notes are dated Oct. 31 and are due Oct. 31, 2017.

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