The Treasury Department yesterday auctioned $22 billion of one-year bills at a 1.040% high yield, a price of 98.948444.

The coupon equivalent was 1.063%. The bid-to-cover ratio was 3.06. Tenders at the high rate were allotted 31.25%. The median yield was 0.995%. The low yield was 0.500%. Tenders totaled $67,237,354,400 and the Treasury accepted $22,000,166,900, including $197,354,400 of noncompetitive.

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