The Treasury Department Tuesday auctioned $25 billion of four-week bills at a 0.960% high yield, a price of 99.925333.

The coupon equivalent was 0.974%. The bid-to-cover ratio was 3.43.

Tenders at the high rate were allotted 4.58%. The median rate was 0.930%. The low rate was 0.830%.

The bills have an issue date of Aug. 31 and are due Sept. 28.

Tenders totaled $85,833,333,800 and the Treasury accepted $25,000,123,800, including $421,700,100 non-competitive.

The Fed banks bought nothing for their own account.

Treasury also sold $40 billion 123-day cash management bills, dated Sept. 1, due Jan. 2, 2018, at a 1.060% high tender rate.

Treasury building.
Treasury building.

The bid to cover ratio was 3.04.

The coupon equivalent was 1.079%. The price was 99.637833.

The low bid was 1.000%. The median bid was 1.030%. Tenders at the high were allotted 39.79%.

Tenders totaled $121,657,799,000 and the Treasury accepted $40,000,684,000, including $2,799,000 non-competitive.

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