The Treasury Department Tuesday auctioned $23 billion of 364-day bills at a 0.260% high yield and a price of 99.737111.

The coupon equivalent was 0.265%. The bid-to-cover ratio was 4.89.

Tenders at the high rate were allotted 73.21%. The median yield was 0.240%. The low yield was 0.230%. The bills have an issue date of March 10 and are due March 8, 2012.

Tenders totaled $112,470,125,200 and the Treasury accepted $23,000,272,000, including $219,635,200 of noncompetitive.

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