The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.840% high yield, a price of 99.934667.

The coupon equivalent was 0.852%. The bid-to-cover ratio was 2.68.

Bloomberg News

Tenders at the high rate were allotted 12.18%. The median rate was 0.785%. The low rate was 0.700%.

The bills have an issue date of June 1 and are due June 29.

Tenders totaled $120,622,876,800 and the Treasury accepted $45,000,146,800, including $375,363,300 non-competitive.

The Fed banks bought nothing for their own account.

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