The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.035% high yield, a price of 99.997278.
The coupon equivalent was 0.035%. The bid-to-cover ratio was 4.41.
Tenders at the high rate were allotted 59.13%. The median rate was 0.025%. The low rate was 0.010%.
The bills have an issue date of May 23 and are due June 20.
Tenders totaled $198,603,415,800 and the Treasury accepted $45,000,735,800, including $234,630,300 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.