The Treasury Department Tuesday auctioned $40 billion of four-week bills at a zero high yield, a price of par.
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The coupon equivalent was zero. The bid-to-cover ratio was 5.11.
Tenders at the high rate were allotted 28.99%. The median rate was zero. The low rate was zero.
The bills have an issue date of Sept. 25 and are due Oct. 23.
Tenders totaled $204,308,306,500 and the Treasury accepted $40,002,761,100, including $216,706,500 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.
