WASHINGTON -- The Treasury yesterday sold $11.01 billion of five-year notes at a yield of 7.18%, up from the 6.91% incurred in the previous sale on Aug. 24, and the highest since the 7.37% incurred in the Aug. 23, 1991, auction.

The coupon rate was 7 1/8%, up from 6 7/8% at the previous auction. The avenge price was 99.772.

In the Dutch auction, all competitive tenders at yields lower than 7.18% were accepted in full. Buyers who bid at the high yield of 7.18% were allotted 90% of their total bids. The median yield was 7.17%, and the low yield was 7.00%.

The Treasury received $36.22 billion in bids and accepted $11.01 billion, including $906 million of noncompetitive bids at the avenge return.

The Treasury sold an additional $680 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, $1.08 billion was accepted at the avenge price from government accounts and Federal Reserve banks for their own account, in exchange for maturing securities.

The notes will mature Sept. 30, 1999.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.