The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.110% high yield, a price of 99.991444.

The coupon equivalent was 0.112%. The bid-to-cover ratio was 4.06.

Tenders at the high rate were allotted 60.36%. The median yield was 0.100%. The low yield was 0.085%.

The bills have an issue date of Aug. 23 and are due Sept. 20.

Tenders totaled $162,372,623,200 and the Treasury accepted $40,000,043,200, including $279,182,300 non-competitive.

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

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