The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.040% high yield, a price of 99.996889.

The coupon equivalent was 0.041%. The bid-to-cover ratio was 4.63.

Tenders at the high rate were allotted 45.74%. The median rate was 0.035%. The low rate was 0.020%.

The bills have an issue date of June 13 and are due July 11.

Tenders totaled $138,849,131,200 and the Treasury accepted $30,000,151,200, including $269,871,200 non-competitive.

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

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