Bonds to Aid Bailout Auctioned: The Resolution...

Bonds to Aid Bailout Auctioned: The Resolution Funding Corp., the agency charged with raising money for the savings and loan bailout, auctioned $5 billion in 30-year bonds at an average yield of 8.93%. The average price was $99.43. The agency said it received nearly $15.5 billion in bids for the bonds, which will be issued Tuesday and which reach maturity on July 15, 2020. The interest rate on the bonds is 8.875%. At its last two auctions, Refcorp offered 40-year bonds, but the market response was cool so it decided to offer a 30-year bond.