(Bloomberg) — Even with the end of unprecedented bond purchases from the Federal Reserve, demand for U.S. Treasuries looks as strong as ever.

Investors submitted bids for $5.54 trillion of government debt at auctions this year, or 3 times the amount sold, data compiled by Bloomberg show. The bid-to-cover ratio is higher than the 2.87 last year, when the Fed purchased more Treasuries than at any time since the central bank began quantitative easing in 2008, and has been exceeded only twice on record.

While the Fed has been the biggest source of demand since the financial crisis, the willingness of foreign central banks, insurers and pensions to pick up the slack as it wound down its third and most aggressive round of stimulus suggests there's plenty of buyers to keep U.S. borrowing costs low. Yields on the 10-year note, the benchmark for trillions of dollars of debt securities, have fallen about 0.7 percentage point to 2.33 percent since the Fed started tapering in January.