The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.085% high yield, a price of 99.993389.

The coupon equivalent was 0.086%. The bid-to-cover ratio was 4.23.

Tenders at the high rate were allotted 23.55%. The median yield was 0.075%. The low yield was 0.065%.

The bills have an issue date of Aug. 9 and are due Sept. 6.

Tenders totaled $169,184,276,800 and the Treasury accepted $40,001,176,800, including $267,565,700 non-competitive.

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

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