The Treasury Department yesterday auctioned $28 billion of four-week bills at a 0.035% high yield, a price of 99.997278.

The coupon equivalent was 0.035%. The bid-to-cover ratio was 4.35.

Tenders at the high rate were allotted 84.30%. The median yield was 0.005%. The low yield was zero.

The bills have an issue date of Nov. 5 and are due Dec. 3.

Tenders totaled $121,924,312,700 and the Treasury accepted $28,000,372,700, including $286,062,700 of noncompetitive.

The Fed banks bought $6,285,071,700 for their own accounts in exchange for maturing securities.

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