WASHINGTON -- The Treasury sold $12.07 billion of 10-year notes yesterday at an average yield of 7.33%, down from 7.36% in the previous sale on May 11.
The coupon rate was 7 1/4%, unchanged from the previous auction. The average price was 99.440.
The Treasury received $29.14 billion in bids for the notes and accepted those in a range of 7.32% to 7.33%; including $524 million of noncompetitive bids at the average return. TheTreasury accepted 96% of the bids at the highest return.
The Treasury sold an additional $500 million to Federal Reserve banks as agents of foreign and international monetary authorities and $750 million more to government accountants and Federal Reserve banks for their own accounts in exchange for matoring securities. The additional notes were sold at the average price.
The notes will mature Aug. 15, 2004.