The Treasury Department Tuesday auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.300% yield, a price of 99.900374.

The bid-to-cover ratio was 3.95%. Tenders at the high yield were allotted 24.43%. The median yield was 0.286%. The low yield was 0.227%. Tenders totaled $138,280,156,900 and the Treasury accepted $35,000,333,900, including $185,356,900 of noncompetitive. The Federal Reserve banks also bought $469,340 for their own account in exchange for maturing securities.

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