The Treasury Department Wednesday auctioned $40 billion of four-week bills at a 0.125% high yield, a price of 99.990278.

The coupon equivalent was 0.127%. The bid-to-cover ratio was 4.01.

Tenders at the high rate were allotted 21.85%. The median yield was 0.115%. The low yield was 0.100%.

The bills have an issue date of Oct. 18 and are due Nov. 15.

Tenders totaled $160,568,574,300 and the Treasury accepted $40,000,699,300, including $224,607,300 non-competitive.

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

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