The Treasury Department Tuesday auctioned $35 billion of four-week bills at a 0.885% high yield, a price of 99.931167.

The coupon equivalent was 0.898%. The bid-to-cover ratio was 3.27.

FHA might be able to remain self-funding this year without seeking a draw from the U.S. Treasury. Image: Fotolia.
FHA might be able to remain self-funding this year without seeking a draw from the U.S. Treasury. Image: Fotolia.

Tenders at the high rate were allotted 2.29%. The median rate was 0.840%. The low rate was zero.

The bills have an issue date of June 15 and are due July 13.

Tenders totaled $114,311,271,500 and the Treasury accepted $35,000,011,500, including $380,714,100 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.