WASHINGTON -- The Treasury yesterday sold $11.01 billion of five-year notes at a yield of 6.98%, up from the 6.77% incurred in the previous sale on June 22 and the highest since the 7.05% incurred in the Sept. 24, 1991, auction.
The coupon rate was 6 7/8%, up from 6 3/4% at the previous auction. The avenge price was 99.563.
In the Dutch auction, all competitive tenders at yields lower than 6.98% were accepted in full. Buyers who bid at the high yield of 6.98% were allotted 56% of their total bids. The median yield was 6.96%, and the low yield was 6.90%.
The Treasury received $28.16 billion in bids and accepted $11.01 billion, including $785 million of noncompetitive bids at the average return.
The Treasury sold an additional $530 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, $800 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 July 31, 1999.