The Treasury Department Tuesday auctioned $50 billion of four-week bills at a 1.245% high yield, a price of 99.903167.

The coupon equivalent was 1.264%. The bid-to-cover ratio was 3.29.

Tenders at the high rate were allotted 55.60%. The median rate was 1.230%. The low rate was 1.210%.

The bills have an issue date of Dec. 21 and are due Jan. 18, 2018.

Tenders totaled $164,646,163,300 and the Treasury accepted $50,000,279,900, including $527,001,600 non-competitive.

The Fed banks bought nothing for their own account.

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