Treasury Note Yields Jump
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WASHINGTON — Yields on three-year Treasury notes rose in Monday’s auction to the highest level in six months as the government began its $37-billion quarterly refunding.
The average yield was 5.17%, up from 4.69% at the last auction Aug. 11. It was the highest rate since three-year notes averaged 5.96% on May 5.
The notes will carry a coupon interest rate of 5.125%, with each $10,000 in face value selling for $9,987.70.
A total of $15.56 billion in notes was sold out of bids totaling $36.12 billion.
The refunding continues today with the sale of $11.25 billion in 10-year notes and concludes Thursday with an offering of $10.25 billion in 30-year bonds.
The auctions are held four times a year to replenish government coffers drained by huge deficits.
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