WASHINGTON - The Treasury yesterday sold $15.5 billion of two-year notes at a yield of 4.75% yield incurred in the previous auction on Nov. 23.

The coupon rate was 4 5/8%, unchanged from the previous auction. The price was 99.840.

In the Dutch auction, all competitive tenders at yields below 4.71% were accepted in full. Buyers who bid at the high yield of 4.71% were allotted 27% of their total bids. The median yield was 4.68%. and the low yield was 4.65%.

Tenders totaled $39.04 billion and the Treasury accepted $15.50 billion, including $1.05 billion of noncompetitive bids.

Federal Reserve banks bought $503 million of the securities, as agents for foreign and international monetary authorities, in exchange for maturing securities. The Fed banks also bought $1.1 billion for their own account in exchange for maturing securities.

The notes will mature Dec. 31, 1994.

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