Tender rates for the Treasury Department's latest 91-day discount bills incurred a 1.020% high rate, down from 1.100% the week before.

The coupon equivalent was 1.037%, and the price was 99.742167.

The median bid was 0.990%. The low bid was 0.950%. Tenders at the high rate were allotted 17.48%. The bid-to-cover ratio was 3.03.

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Tenders totaled $118,235,774,700 and the Treasury accepted $39,000,554,700, including $537,189,700 of non-competitive.

The Fed banks bought nothing for themselves.

Treasury also auctioned $34 billion of five-year notes with a 1 5/8% coupon at a 1.742% yield, a price of 99.442075.

The bid-to-cover ratio was 2.58.

Tenders at the high yield were allotted 18.98%.

The median yield was 1.700%. The low yield was 1.388%.

Tenders totaled $87,775,612,200 and the Treasury accepted $34,000,022,200, including $91,965,200 non-competitive.

The Fed banks bought $1,065,679,000 for their own account in exchange for maturing securities.

The five-year notes are dated August 31 and due August 31, 2022.

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