The Treasury Department Tuesday auctioned $20 billion of 364-day bills at a 1.215% high yield, a price of 98.771500.

The coupon equivalent was 1.243%. The bid-to-cover ratio was 3.31.

Bloomberg News

Tenders at the high rate were allotted 37.24%. The median yield was 1.200%. The low yield was 1.160%.

The bills have an issue date of June 22 and are due June 21, 2018.

Tenders totaled $66,159,462,100 and the Treasury accepted $20,000,000,100, including $260,362,100 non-competitive.

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

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