The Treasury Department yesterday auctioned $28 billion of four-week bills at a 1.865% high yield, a price of 99.854944.
The coupon equivalent was 1.894%. The bid-to-cover ratio was 2.48. Tenders at the high rate were allotted 21.87%. The median yield was 1.830%. The low yield was 1.750%. Tenders totaled $69,344,271,800 and the Treasury accepted $28,000,176,800, including $391,271,800 of noncompetitive.
Treasury also sold $6 billion of seven-day cash management bills, dated July 10 and due July 17, at a 1.930% high tender rate. The bid to cover ratio was 4.70. The coupon equivalent was 1.958%. The price was 99.962472. The low bid was 1.900%. The median bid was 1.840%. Tenders at 1.930% were allotted 41.68%.
