The Treasury Department auctioned $21 billion of 9-year 11-month notes with a 2 1/2% coupon at a 2.946% high yield, a price of 96.187171.
The bid-to-cover ratio was 2.86.
Tenders at the high yield were allotted 12.35%. All competitive tenders at lower yields were accepted in full.
The median yield was 2.908%. The low yield was 2.860%.
Tenders totaled $59,999,454,900 and the Treasury accepted $21,000,154,900 including $54,954,900 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
The notes, which are dated Aug. 15, will mature Aug. 15, 2023.