The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.050% high yield, a price of 99.996111.

The coupon equivalent was 0.051%. The bid-to-cover ratio was 4.64.

Tenders at the high rate were allotted 11.55%. The median rate was 0.050%. The low rate was 0.010%.

The bills have an issue date of Dec 13 and are due Jan. 10, 2013.

Tenders totaled $185,649,322,500 and the Treasury accepted $40,001,272,500, including $241,592,500 non-competitive.

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

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