Treasury Sells 3-Year Notes at 6.61% Rate

WASHINGTON -- The Treasury today sold $17.01 billion of three-year notes at an average yield of 6.61%, up from the 6.54% incurred in the previous sale on May 10, and the highest since the 6.92% incurred on auction of Aug. 6, 1991.

The coupon rate was 6 1/2%, unchanged from the previous auction. The average price was 99.705.

The Treasury received $43.99 billion in bids for the notes and accepted those in a range of 6.59% to 6.62%, including $1.32 billion of noncompetitive bids at the average return. The Treasury accepted 45% of the bids at the highest return.

The Treasury sold an additional $1.10 billion to Federal Reserve banks as agents of foreign and international monetary authorities and $2.01 billion more 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, 1997. Treasury Market Yields Prev. Prev. Tuesday Week Month 3-Month Bill 4.52 4.50 4.55 6-Month Bill 5.10 4.97 5.07 1-Year Bill 5.57 5.51 5.51 2-Year Note 6.20 6,08 6.20 3-Year Note 6.49 6.406.54 5-Year Note 6.94 6.87 7.02 7-Year Note 7.10 7.05 7.22 10-Year Note 7.29 7.24 7.41 30-Year Bond 7.56 7.53 7.68

Source: Cantor, Fitzgerald/Telerate

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