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 4.67.
Tenders at the high rate were allotted 35.04%. The median yield was 0.120%. The low yield was 0.100%.
The bills have an issue date of August 22 and are due August 21, 2014.
Tenders totaled $116,848,215,500 and the Treasury accepted $25,000,906,700, including $166,565,500 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.