The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.950% high yield, a price of 99.926111.

The coupon equivalent was 0.964%. The bid-to-cover ratio was 3.15.

Bloomberg News

Tenders at the high rate were allotted 62.47%. The median rate was 0.930%. The low rate was 0.9190%.

The bills have an issue date of July 13 and are due Aug. 10.

Tenders totaled $125,828,350,000 and the Treasury accepted $40,000,475,500, including $434,551,600 non-competitive.

The Fed banks bought nothing for their own account.

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