BANKING & FINANCE - April 28, 1993

2-Year T-Notes Hit Record Low: Yields on two-year Treasury notes fell in Tuesday’s auction to the lowest level on record. The high yield was 3.88%, down from 3.92% at the last auction on March 24. It was the lowest rate since regular auctions of two-year notes began in September, 1974. The notes will carry a coupon interest rate of 3.875%, with each $10,000 in face value selling for $9,999.00. A total of $15.3 billion in notes were sold out of bids totaling $39.7 billion.