Full text of Federal Reserve Bank of New York Circulars : 7388. Coupon Rates Announced for New Treasury Note Issues

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FED ER A L RESER VE BANK
OF NEW YORK
Fiscal A gen t of the U nited States

C i r c u l a r No. 7 38 8
May 3, 1974

C O U P O N RATES A N N O U N C E D
F O R N E W T R E A S U R Y N O T E ISSU E S

To A ll Banking Inst i tut ions, and Others Concerned,
in the Secon d F e d e ra l R e se rv e D istrict:

The f o l l o w i n g s t a t e m e n t was m a d e p u b l i c t o d a y by the
Treasury Department:




The Treasury has set a coupon rate of 8 - 3 A $ for both
the $2.0 b i llion of 25-1/2 month notes and the $1.75 billion
of U-l/U year notes, the sale of w hich was announced on
May 1. The series titles will be 8 - 3 A percent Treasury
Notes of Series 1-1976 and 8 - 3 A percent Treasury Notes of
Series C-1978.
The U - l A yea r notes w i l l b e auctioned on
Tuesday, May 7, and the 25-1/2 month notes w i l l be auctioned
on Wednesday, May 8.
The public should be aware that in an auction the prices
b i d are not necessarily at par.
The average price at which
noncompetitive tenders are awarded may therefore be more or
less than par.
Subscribers submitting noncompetitive tenders
should understand that the y i e l d they receive may be lower
than the stated coupon rate.

Alfred

Hayes,
P re si den t.