NEW YORK, March 12 (Reuters) - The U.S. Treasury Department on Monday sold $28 billion of three-year government notes at a yield of 2.436 percent, which was the highest yield at an auction of this maturity since May 2007, Treasury data showed.
The ratio of bids to the amount offered was 2.94, which was the lowest since November. This gauge of overall auction demand was 3.00 at the prior three-year note sale in February.
At the same time, it auctioned $45 billion of six-month bills at an interest rate of 1.850 percent.
The Treasury will sell $51 billion of three-month bills and $21 billion of a 10-year note that was originally issued in February later on Monday.
The U.S. government has ramped up its borrowing in the bond market to finance a growing budget gap as a result of the major tax overhaul in late 2017 and a two-year spending deal in February.
Reporting by Richard Leong Editing by Susan Thomas