WASHINGTON -- The Treasury sold $ 11.3 billion of 10-year notes yesterday at an average yield of 6.93%, up from 6.49% in the previous sale on Aug. 12.
The coupon rate was 6 3/8%, unchanged from 6 3/8% in the previous auction. The average price was 96.086.
The Treasury received $31.06 billion in bids for the notes and accepted those in a range of 6.92% to 6.94%, including $393 million of noncompetitive bids at the average return. The Treasury accepted 14% of the bids at the highest return.
Nothing was accepted from Federal Reserve banks as agents for foreign and international monetary authorities and $800 million to government accounts and Federal Reserve banks for their own accounts in exchange for maturing securities. The additional notes were sold at the average price.
The notes will mature Aug. 15, 2002.