The Treasury Department Tuesday auctioned $20 billion of four-week bills at a zero high yield, a price of par.
The coupon equivalent was zero. The bid-to-cover ratio was 4.93.
Tenders at the high rate were allotted 70.17%. The median rate was 0.542%. The low rate was zero.
The bills have an issue date of May 9 and are due June 6.
Tenders totaled $108,387,438,300 and the Treasury accepted $20,000,626,700, including $238,842,300 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
