The Treasury Department yesterday sold $40 billion of 98-day cash management bills, due Jan. 29, 2009, at a 1.240% high tender rate.
The bid-to-cover ratio was 2.17.
The coupon equivalent was 1.261%. The price was 99.662444.
The low bid was 0.890%. The median bid was 1.030%. Tenders at 1.240% were allotted 83.17%.
Tenders totaled $86,660,647,000 and the Treasury accepted $39,976,603,000, including $23,466,000 of noncompetitive.