The Treasury Department Tuesday auctioned $55 billion of four-week bills at a 0.725% high yield, a price of 99.943611.

The coupon equivalent was 0.735%. The bid-to-cover ratio was 2.99.

The U.S. Treasury Building.Image: Thinkstock

Tenders at the high rate were allotted 37.36%. The median rate was 0.690%. The low rate was 0.600%.

The bills have an issue date of May 4 and are due June 1.

Tenders totaled $164,699,667,800 and the Treasury accepted $55,000,107,800, including $356,634,300 non-competitive.

The Fed banks bought nothing for their own account.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.