The Treasury Department Tuesday auctioned $20 billion of 364-day bills at a 1.145% high yield, a price of 98.842278.
The coupon equivalent was 1.171%. The bid-to-cover ratio was 2.84.
Tenders at the high rate were allotted 1.45%. The median yield was 1.105%. The low yield was 1.050%.
The bills have an issue date of May 25 and are due May 24, 2018.
Tenders totaled $56,743,492,500 and the Treasury accepted $20,000,017,500, including $217,492,500 non-competitive.
The Fed banks bought nothing for their own account in exchange for maturing securities.