JAPAN AUCTIONS 280 BILLION YEN OF FOUR-YEAR NOTES
The Finance Ministry auctioned 280 billion
yen of four-year government notes, the first auction of fiscal
1987 which started on April 1.
    The coupon was set at 3.7 pct, a record low for any
government note and below the 3.8 pct set on the last two-year
notes, auctioned in February.
    Today's issue was the first for four-year notes since last
May, which produced an average price of 99.79, average yield of
4.561 pct and a coupon of 4.5 pct, the Ministry said.
    The auction results will be announced tomorrow afternoon.
 REUTER
