The Treasury Department yesterday sold $32 billion of 126-day cash management bills, dated May 15 and due Sept. 18, at a 1.865% high tender rate.

The bid to cover ratio was 3.26. The coupon equivalent was 1.903%. The price was 99.347250. The low bid was 1.800%. The median bid was 1.840%. Tenders at 1.865% were allotted 24.53%. Tenders totaled $104,421,919,000 and the Treasury accepted $32,000,479,000, including $6,919,000 of noncompetitive.

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