September 12, 2017 / 4:21 PM / in a year

Demand at U.S. 1-month bill sale highest since March

NEW YORK, Sept 12 (Reuters) - Demand at Tuesday’s $35 billion U.S. one-month Treasury bill auction was the strongest in six months after a deal was struck last week to raise the federal debt ceiling for three months, Treasury data showed.

The ratio of bids to amount of one-month T-bills offered was 3.49, which was the highest since 3.81 struck on March 7. This gauge of auction demand was 3.04 last week. {nZXN0D3Z0E]

The Treasury will pay an interest rate of 0.970 percent on the latest one-month T-bill due on Oct. 12, down from 1.30 percent on the issue sold last week.

Meanwhile, the Treasury sold $20 billion of one-year bills at an interest rate of 1.24 percent, which was the highest since October 2008 when it was 1.720 percent.

The bid-to-cover ratio at the one-year bill sale was 3.16, down from 3.25 last week. (Reporting by Richard Leong; Editing by W Simon)

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