The Treasury Department Tuesday auctioned $22 billion of 364-day bills at a 0.120% high yield, a price of 99.878667.

The coupon equivalent was 0.122%. The bid-to-cover ratio was 4.51.

Tenders at the high rate were allotted 27.44%. The median yield was 0.110%. The low yield was 0.090%.

The bills have an issue date of Sept. 19 and are due Sept. 18, 2014.

Tenders totaled $99,198,185,500 and the Treasury accepted $22,000,837,500, including $172,185,500 non-competitive.

The Fed banks bought nothing for their own account in exchange for maturing securities.

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