WASHINGTON -- The Treasury yesterday sold $10.26 billion of five-year notes at an average yield of 6.75%, down from the 6.93% incurred in the previous sale on Apr. 23.
The coupon rate was 6 3/4%, down from 6 7/8% at the previous auction. The average price was 100.00.
The Treasury received $26.89 billion in bids accepted those in a range of 6.74% to 6.75%, including $872 million of noncompetitive bids at the average return. The Treasury accepted 94% of the bids at the highest return.
The Treasury sold an additional $553 million to government and Federal Reserve banks as agents fo foreign and international monetary authorities, in exchange for maturing securities. In addition, $200 million was accepted at the average price from government accounts and Federal Reserve banks for their own account, in exchange for maturing securities. The additional notes were sold at the average price.
The notes will mature May 31, 1997.