WASHINGTON - The Treasury yesterday sold $11.01 billion of five-year notes at a yield of 5.23%, down from the 5.39% incurred in the previous sale on May 26.

The coupon rate was 5 1/8%, down from 5 3/8% at the previous auction. The average price was 99.543.

In the Dutch auction, all competitive tenders at yields lower than 5.23% were accepted in full. Buyers who bid at the high yield of 5.23% were allotted 2% of their total bids. The median yield was 5.20%, and the low yield was 5.15%.

The Treasury received $29.83 billion in bids and accepted $11.01 billion, including $587 million of noncompetitive bids at the average return.

The Treasury sold an additional $573 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, $1 billion ws accepted at the average price from government accounts and Federal Reserve banks for their own account, in exchange for maturing securities.

The notes will mature June 30, 1998.

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