The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.135% high yield, a price of 99.863500.
The coupon equivalent was 0.137%. The bid-to-cover ratio was 4.19.
Tenders at the high rate were allotted 22.63%. The median yield was 0.130%. The low yield was 0.110%.
The bills have an issue date of May 30 and are due May 29, 2014.
Tenders totaled $104,683,036,600 and the Treasury accepted $25,000,457,100, including $147,803,600 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.