The Treasury Department Tuesday auctioned $50 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 4.22.

Tenders at the high rate were allotted 51.54%. The median rate was 0.040%. The low rate was 0.030%.

The bills have an issue date of August 22 and are due September 19.

Tenders totaled $210,781,389,600 and the Treasury accepted $50,001,094,600, including $257,115,900 non-competitive.

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

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