The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.045% high yield, a price of 99.996500.

The coupon equivalent was 0.046%. The bid-to-cover ratio was 3.80.

Tenders at the high rate were allotted 16.91%. The median rate was 0.030%. The low rate was zero.

The bills have an issue date of Dec 27 and are due Jan. 24, 2013.

Tenders totaled $151,940,955,100 and the Treasury accepted $40,001,055,100, including $263,889,100 non-competitive.

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

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