The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.850% high yield, a price of 99.933889.

The coupon equivalent was 0.862%. The bid-to-cover ratio was 3.42.

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Tenders at the high rate were allotted 25.38%. The median rate was 0.840%. The low rate was 0.750%.

The bills have an issue date of June 22 and are due July 20.

Tenders totaled $119,574,855,400 and the Treasury accepted $35,000,269,400, including $441,676,400 non-competitive.

The Fed banks bought nothing for their own account.

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