U.S. sells T-bills at highest interest rate since May

NEW YORK Tue Aug 12, 2014 11:46am EDT

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NEW YORK Aug 12 (Reuters) - The U.S. Treasury Department on Tuesday sold $50 billion worth of four-week or one-month bills at an interest rate of 0.04 percent, which was the highest since an auction held in the last week in May.

The size of the latest one-month T-bill offering, which is the shortest debt maturity the federal government regularly issues, was the biggest since last September.

The ratio of the amount of bids to the amount offered came in at 3.73, which was the lowest since an auction held Oct. 8, according to Treasury data.

Last week, the Treasury sold $40 billion worth of one-month T-bills at an interest rate of 0.02 percent and a bid-to-cover ratio of 4.26. (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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