The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.890% high yield, a price of 99.930778.

The coupon equivalent was 0.903%. The bid-to-cover ratio was 3.11.

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Tenders at the high rate were allotted 14.25%. The median rate was 0.835%. The low rate was 0.750%.

The bills have an issue date of June 29 and are due July 27.

Tenders totaled $124,329,262,900 and the Treasury accepted $40,000,012,900, including $383,418,400 non-competitive.

The Fed banks bought nothing for their own account.

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