The Treasury Department yesterday auctioned $36 billion of two-year notes with a 1 1/4% coupon at a 1.269% yield, a price of 99.962624.
The bid-to-cover ratio was 2.08. Tenders at the high yield were allotted 21.59%. The median yield was 1.185%. The low yield was 1.034%. Tenders totaled $74,834,446,700 and the Treasury accepted $36,000,011,700, including $431,446,700 of noncompetitive.
Federal Reserve banks also bought $2,518,952,600 for their own account in exchange for maturing securities.
The two-year notes are dated Nov. 30 and due Nov. 30, 2010.
Meanwhile, tender rates for the Treasury Department’s latest 90-day and 181-day discount bills were mixed, as the three-months incurred a 0.150% high rate, unchanged from 0.150% the prior week, and the six-months incurred a 0.490% high rate, down from 0.840% .
Coupon equivalents were 0.152% and 0.498%, respectively. The price for the 90s was 99.962500 and that for the 181s was 99.753639.
The median bid on the 91s was 0.010%. The low bid was 0.000%. Tenders at the high rate were allotted 10.91%. The bid-to-cover ratio was 2.41. Tenders totaled $67,424,204,400 and the Treasury accepted $28,000,048,900, including $1,444,344,400 of noncompetitive.
The median bid for the 181s was 0.410%. The low bid was 0.250%. Tenders at the high rate were allotted 18.74%. The bid-to-cover ratio was 2.79. Tenders totaled $78,237,064,900 and the Treasury accepted $28,000,054,900, including $1,291,264,900 of noncompetitive.
