U.S. Pays Up to Auction $179 Billion of Debt in a Span of Hours
- Three- and six-month bills sold at levels unseen since 2008
- Bid-to-cover ratio on 4-week sale declined to near-decade low
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The U.S. Treasury on Tuesday sold $179 billion of securities as it works to rebuild its cash balance, with yields at its auctions of three- and six-month debt rising to levels unseen since 2008.
The government began at 11:30 a.m. New York time by auctioning $51 billion of three-month bills at a yield of 1.64 percent, 6 basis points more than similar-tenor debt sold on Feb. 12, and $45 billion of six-month bills at 1.82 percent.