The Treasury Department Wednesday auctioned $28 billion of four-week bills at a zero high yield and a price of par.

The coupon equivalent was zero. The bid-to-cover ratio was 4.79.

Tenders at the high rate were allotted 89.53%. The median yield was zero. The low yield was zero.

The bills have an issue date of July 7 and are due Aug. 4.

Tenders totaled $134,111,076,900 and the Treasury accepted $28,002,654,100, including $228,029,900 of noncompetitive.

The Federal Reserve banks bought $3,781,456,000 for their own account.

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