WASHINGTON The Treasury yesterday sold $11.02 billion of five-year notes at a yield of 7.81%, up from the 7.55% yield incurred in the previous auction on Oct. 26 and the highest since the 7.89% incurred on July 25. 1991.

The coupon rate was 7 3/4%, up from 7 1/2% in the previous auction. The price was 99.756.

In the Dutch auction, all competitive tenders at yields below 7.81% were accepted in full. Buyers who bid at the high yield of 7.81% were allotted 78% of their total bids. The median yield was 7.80%. and the low yield was 7.75%.

Tenders totaled $32.92 billion and the Treasury accepted $11.02 billion, including $798 million of noncompetitive bids.

Federal Reserve banks bought $530 million of the securities, as agents for foreign and international monetary authorities, in exchange for maturing securities. The Fed banks also bought $265 million for their own account in exchange for maturing securities.

The notes will mature Nov. 30, 1999.

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