Treasury Two-Year Notes Go At 1.089% High Yield

The Treasury Department yesterday auctioned $44 billion of two-year notes with a 1% coupon at a 1.089% yield, a price of 99.824397.

The bid-to-cover ratio was 2.91. Tenders at the high yield were allotted 59.68%. The median yield was 1.040%. The low yield was 0.963%. Tenders totaled $128,028,884,500 and the Treasury accepted $44,000,044,500, including $372,184,500 of noncompetitive.

Federal Reserve banks also bought $1,304,048,200 for their own account in exchange for maturing securities.

The two-year notes are dated Dec. 31 and due Dec. 30, 2011.

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