The Treasury Department yesterday auctioned $26 billion of one-year bills at a 0.445% high yield, a price of 99.550056.

The coupon equivalent was 0.453%. The bid-to-cover ratio was 3.60. Tenders at the high rate were allotted 30.17%. The median yield was 0.425%. The low yield was 0.350%. The bills have an issue date of June 4 and are due June 3, 2010.

Tenders totaled $93,588,934,800 and Treasury accepted $26,000,402,300, including $154,934,800 of noncompetitive.

The Treasury yesterday also auctioned $35 billion of four-week bills at a 0.050% high yield, a price of 99.996111. The coupon equivalent was 0.051% and the bid-to-cover ratio was 3.34. Tenders at the high rate were allotted 68.54%. The median yield was zero and the low yield was zero.

The bills have an issue date of June 4 and are due July 2. Tenders totaled $116,876,596,400 and Treasury accepted $35,000,499,000, including $305,637,800 of noncompetitive.

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

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