The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.120% high yield, a price of 99.990667.

The coupon equivalent was 0.122%. The bid-to-cover ratio was 4.10.

Tenders at the high rate were allotted 19.08%. The median yield was 0.110%. The low yield was zero.

The bills have an issue date of Aug. 30 and are due Sept. 27.

Tenders totaled $163,898,853,200 and the Treasury accepted $40,000,333,200, including $213,231,700 non-competitive.

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

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