WASHINGTON -- The Treasury yesterday sold $11,02 billion of five-year notes at a yield of 7.55%, up from the 6.55% yield incurred in the previous auction on Sept. 27 and the highest since the 7,89% incurred on July 25, 1991.
The coupon rate was 7 1/2%, up from 7 1/8% in the previous auction. The price was 99.795.
In the Dutch auction, all competitive tenders at yields below 7.55% were accepted in full. Buyers who bid at the high yield of 7.55% were allotted 95% of their total bids, The median yield was 7,53%, and the low yield was 7.45%.
Tenders totaled $33.06 billion and the Treasury accepted $11.02 billion, including $692 million of noncompetitive bids.
Federal Reserve banks bought $630 million of the securities, as agents for foreign and international monetary authorities, in exchange for maturing securities. The Fed banks also bought $412 million for their own account in exchange for maturing securities.
The notes will mature Sept. 30, 1999.