The Treasury Department Tuesday auctioned $23 billion of 364-day bills at a 0.280% high yield and a price of 99.716889.
The coupon equivalent was 0.284%. The bid-to-cover ratio was 4.56. Tenders at the high rate were allotted 18.73%. The median yield was 0.270%.
The low yield was 0.250%. The bills have an issue date of Nov. 18 and are due Nov. 17, 2011. Tenders totaled $104,985,330,600 and the Treasury accepted $23,000,443,600, including $211,830,600 of noncompetitive.
Treasury also auctioned $25 billion of four-week bills at a 0.125% high yield and a price of 99.990278. The coupon equivalent was 0.127%. The bid-to-cover ratio was 4.31.
Tenders at the high rate were allotted 61.88%. The median yield was 0.110%. The low yield was 0.080%. Tenders totaled $107,770,927,300 and the Treasury accepted $25,000,307,300, including $275,736,100 of noncompetitive.
Federal Reserve banks bought $5,937,991,000 for their own account in exchange for maturing securities.