The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.020% high yield, a price of 99.998444.

The coupon equivalent was 0.020%. The bid-to-cover ratio was 4.14.

Tenders at the high rate were allotted 10.78%. The median rate was 0.010%. The low rate was zero.

The bills have an issue date of July 25 and are due August 22.

Tenders totaled $165,455,680,200 and the Treasury accepted $40,001,070,900, including $268,696,400 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

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