Treasury Year Bills Go At 2.140% Highs

The Treasury Department yesterday auctioned $20 billion of one-year bills at a 2.140% high yield, a price of 97.836222.

The coupon equivalent was 2.206%. The bid-to-cover ratio was 2.34. Tenders at the high rate were allotted 73.83%. The median yield was 2.100%. The low yield was 2.030%.

The bills have an issue date of Aug. 28 and are due Aug. 27, 2009.

Tenders totaled $46,830,878,200 and the Treasury accepted $20,000,028,200, including $260,078,200 of noncompetitive.

Treasury also auctioned $29 billion of four-week bills at a 1.710% high yield, a price of 99.867000.

The coupon equivalent was 1.736%. The bid-to-cover ratio was 2.78.

Tenders at the high rate were allotted 45.01%. The median yield was 1.660%. The low yield was 1.500%.

The bills have an issue date of Aug. 28 and are due Sept. 25.

Tenders totaled $80,592,282,300 and the Treasury accepted $29,000,017,300, including $516,282,300 of noncompetitive.

Federal Reserve banks bought $3,885,133,000 for their own account in exchange for maturing securities.

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