The Treasury Department Tuesday auctioned $20 billion of four-week bills at a 0.010% high yield, a price of 99.999222.
The coupon equivalent was 0.010%. The bid-to-cover ratio was 5.08.
Tenders at the high rate were allotted 20.57%. The median rate was 0.005%. The low rate was zero.
The bills have an issue date of May 16 and are due June 13.
Tenders totaled $101,624,005,700 and the Treasury accepted $20,000,416,600, including $271,332,700 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.