Full text of Federal Reserve Bank of New York Circulars : 7466. Results of Auction of 2-Year Treasury Notes

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FEDERAL RESERVE BANK
OF NEW YORK
Fi s c a l A g e n t o f the U n i t e d St a t e s

Circular No. 7466
September 2 5 , 1974

R E S U L T S OF A U C T I O N OF 2 - Y E A R T R E A S U R Y N O T E S

To A ll Banking Institutions, and Others Concerned,
in the Second Federal R eserve District:

The f o l l o w i n g s t a t e m e n t w a s m a d e p u b l i c S e p t e m b e r 24
b y the T r e a s u r y D e p a r t m e n t :
The Treasury has accepted $2.0 "billion of the $3.2 billion
of tenders received for the 2-year notes auctioned today. The
range of accepted competitive bids on a yield basis was as
follows:
Lowest yield.... Q.20%&
Highest yield....8.39%
Average yield....8.3b%
Excepting U tenders totaling $U80 ,000.
The interest rate on the notes will be 8-l/U%. At the
8-1 A # rate, the above yields result in the following prices:
Low-yield price...... 100.09
High-yield price...... 99*75
Average-yield price--- 99*8^
The $2.0 billion of accepted tenders includes k3% of the
amount of notes bid for at the highest yield, and $0.6 billion
of noncompetitive tenders accepted at the average yield,
$0.2 billion of which were from Federal Reserve Banks and
Government accounts exchanging notes maturing September 30.




Alf

red

Ha

ye s

,

President.