The Treasury Department Wednesday auctioned $13 billion of one year 11-month floating rate notes with a high discount margin of 0.060%, at a 0.060% spread, a price of 99.999848.

The bid-to-cover ratio was 3.09.

Tenders at the high margin were allotted 47.88%.

The median discount margin was 0.054%. The low discount margin was 0.040%.

Tenders totaled $40,161,859,300 and the Treasury accepted $13,000,065,300, including $6,859,300 non-competitive.

The Fed banks bought nothing for their own account.

Bloomberg News

The notes, which are a reopening, are dated Aug. 25 and due July 31, 2019. The notes have an original issue date of July 31.

The index determination date is Aug. 21 and the index determination rate is 1.000%.

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