The Treasury Department yesterday auctioned $28 billion of four-week bills at a 1.720% high yield, a price of 99.866222.

The coupon equivalent was 1.746%. The bid-to-cover ratio was 2.77. Tenders at the high rate were allotted 77.75%. The median yield was 1.680%. The low yield was 1.550%.

Tenders totaled $77,670,155,400 and the Treasury accepted $28,000,155,400, including $443,363,400 of noncompetitive.

The Fed banks bought $1,723,840,000 for their own account in exchange for maturing securities.

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