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

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The coupon equivalent was 0.964%. The bid-to-cover ratio was 3.02.

Tenders at the high rate were allotted 81.10%. The median rate was 0.920%. The low rate was 0.870%.

The bills have an issue date of July 6 and are due Aug. 4.

Tenders totaled $120,842,855,400 and the Treasury accepted $40,000,255,400, including $366,772,700 non-competitive.

The Fed banks bought nothing for their own account.

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