The Treasury Department Tuesday auctioned $20 billion of 364-day bills at a 1.650% high yield, a price of 98.331667.
The coupon equivalent was 1.694%. The bid-to-cover ratio was 3.44.
Tenders at the high rate were allotted 83.66%. The median yield was 1.640%. The low yield was 1.610%.
The bills have an issue date of Dec. 7 and are due Dec. 6, 2018.
Tenders totaled $68,475,060,000 and the Treasury accepted $19,737,080,000, including $263,129,900 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.