WASHINGTON -- The Treasury yesterday sold $11.01 billion of five-year notes at a yield of 6.77%, down from the 6.78% incurred in the previous sale on May 25.
The coupon rate was 6 3/4%, down from 6 7/8% at the previous auction. The average price was 99.916.
In the Dutch auction, all competitive tenders at yields lower than 6.77% were accepted in full. Buyers who bid at the high yield of 6.77% were allotted 19% of their total bids. The median yield was 6.74%, and the low yield was 6.70%.
The Treasury received $30.28 billion in bids and accepted $11.01 billion, including $856 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, $1.54 billion 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 June 30, 1999.