WASHINGTON -- The Treasury yesterday sold $11.01 billion of five-year notes at a yield of 7.18%, up from the 6.91% incurred in the previous sale on Aug. 24, and the highest since the 7.37% incurred in the Aug. 23, 1991, auction.
The coupon rate was 7 1/8%, up from 6 7/8% at the previous auction. The avenge price was 99.772.
In the Dutch auction, all competitive tenders at yields lower than 7.18% were accepted in full. Buyers who bid at the high yield of 7.18% were allotted 90% of their total bids. The median yield was 7.17%, and the low yield was 7.00%.
The Treasury received $36.22 billion in bids and accepted $11.01 billion, including $906 million of noncompetitive bids at the avenge return.
The Treasury sold an additional $680 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, $1.08 billion was accepted at the avenge price from government accounts and Federal Reserve banks for their own account, in exchange for maturing securities.
The notes will mature Sept. 30, 1999.