The Treasury Department yesterday auctioned $21 billion of 52-week bills at a 1.720% high yield, a price of 98.260889.

The coupon equivalent was 1.720%. The bid-to-cover ratio was 3.11.

Tenders at the high rate were allotted 40.64%. The median yield was 1.700%. The low yield was 1.500%.

The bills have an issue date of Oct. 23 and are due Oct. 22, 2009.

Tenders totaled $65,119,000,000 and the Treasury accepted $20,814,560,000, including $178,472,700 of noncompetitive.

Federal Reserve banks bought $5,937,991,000 for their own account in exchange for maturing securities.

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