The outstanding 10-year notes, for example, were offered 2/32 lower in late trading at 100 5/32, to yield 7.23 percent.

That did not occur yesterday, however, as prices of outstanding notes and bonds actually moved slightly higher.

If there are outstanding notes they may convert at or after closing.

The rate on the outstanding one-year note was 4.75 percent.

By late in the day the outstanding seven-year note was trading at a price to yield 8.50 percent.

Its outstanding notes were redeemed by the government in 1896.

"And they are ridiculously cheap compared to the outstanding two-year note."

Proceeds of the issue were to be used to refinance an outstanding floating-rate note.

The outstanding two-year notes, an issue the Treasury sells monthly, were offered with a yield of 7.54 percent.

And the outstanding 5.50 percent two-year notes were offered at 100 3/4, down 5/32, to yield 5.08 percent.