WASHINGTON - The Treasury yesterday sold $11 billion of five-year notes at a yield of 6.60%, up from the 5.91% incurred in the previous sale on March 23 and the highest since the 6.75% incurred in the May 21, 1992, auction.
The coupon rate was 6 1/2% , up from 5 7/8% at the previous auction. The average price was 99.580.
In the Dutch auction, all competitive tenders at yields lower than 6.60% were accepted in full. Buyers who bid at the high yield of 6.60% were allotted 24% of their total bids. The median yield was 6.55%, and the low yield was 6.50%.
The Treasury received $23.46 billion in bids and accepted $11.00 billion, including $721 million of noncompetitive bids at the average return.
The Treasury sold an additional $500 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, $760 million was 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 April 30, 1999.