The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.955% high yield, a price of 99.925722.

The coupon equivalent was 0.969%. The bid-to-cover ratio was 3.06.

Tenders at the high rate were allotted 35.91%. The median rate was 0.930%. The low rate was 0.900%.

Bloomberg News

The bills have an issue date of July 20 and are due Aug. 17.

Tenders totaled $137,689,962,400 and the Treasury accepted $45,000,090,400, including $478,011,400 non-competitive.

The Fed banks bought nothing for their own account.

Treasury also auctioned $20 billion of 364-day bills at a 1.190% high yield, a price of 98.796778.

The coupon equivalent was 1.218%. The bid-to-cover ratio was 3.17.

Tenders at the high rate were allotted 51.62%. The median yield was 1.170%. The low yield was 1.150%.

The bills have an issue date of July 20 and are due July 19, 2018.

Tenders totaled $63,471,508,700 and the Treasury accepted $20,000,064,700, including $254,991,700 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

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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.