The Treasury Department Tuesday auctioned $20 billion of four-week bills at a 1.300% high yield, a price of 99.898889.

The coupon equivalent was 1.319%. The bid-to-cover ratio was 3.04.

Bloomberg News

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 Sept. 7 and are due Oct. 5.

Tenders totaled $60,836,279,500 and the Treasury accepted $20,000,002,500, including $445,822,500 non-competitive.

The Fed banks bought nothing for their own account.

Treasury also sold $25 billion 8-day cash management bills, dated Sept. 7, due Sept. 15, at a 1.010% high tender rate.

The bid to cover ratio was 3.54.

The coupon equivalent was 1.024%. The price was 99.977556.

The low bid was 0.955%. The median bid was 1.000%. Tenders at the high were allotted 19.90%.

Tenders totaled $88,615,458,000 and the Treasury accepted $25,000,358,000, including $458,000 non-competitive.

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