The Treasury Department Wednesday auctioned $40 billion of four-week bills at a 0.125% high yield, a price of 99.989931.

The coupon equivalent was 0.127%. The bid-to-cover ratio was 4.46.

Tenders at the high rate were allotted 24.89%. The median yield was 0.115%. The low yield was 0.100%.

The bills have an issue date of Oct. 25 and are due Nov. 23.

Tenders totaled $178,374,328,600 and the Treasury accepted $40,000,836,100, including $252,210,300 non-competitive.

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

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