The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.055% high yield, a price of 99.995722.

The coupon equivalent was 0.056%. The bid-to-cover ratio was 3.95.

Tenders at the high rate were allotted 62.05%. The median yield was 0.045%. The low yield was zero.

The bills have an issue date of Sept. 27 and are due Oct. 25.

Tenders totaled $157,835,725,700 and the Treasury accepted $40,000,986,200, including $269,690,300 non-competitive.

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

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