The Treasury Department yesterday sold $20 billion 278-day cash management bills, due Sept. 15, 2009, at a 0.390% high tender rate.

The bid to cover ratio was 3.22. The coupon equivalent was 0.396%. The price was 99.698833. The low bid was 0.100%. The median bid was 0.300%.

Tenders at 0.390% were allotted 88.77%. Tenders totaled $ 64,441,660,000 and the Treasury accepted $20,000,082,000, including $3,660,000 of noncompetitive.

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