The Treasury Department Wednesday auctioned $40 billion of four-week bills at a 0.120% high yield, a price of 99.990667.

The coupon equivalent was 0.122%. The bid-to-cover ratio was 4.73.

Tenders at the high rate were allotted 82.83%. The median yield was 0.115%. The low yield was 0.100%.

The bills have an issue date of Nov. 8 and are due Dec. 6.

Tenders totaled $189,105,927,600 and the Treasury accepted $40,000,421,700, including $252,713,000 non-competitive.

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

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