Full text of Federal Reserve Bank of New York Circulars : 7561. Results of Treasury's Note and Bond Auctions

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FED ER AL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States

[

Circular No. 7561
January 31, 1975

RESULTS OF TREASURY’S NOTE AND BOND AUCTIONS

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

The following statements have been issued by the Treasury Department. The statements announcing
the results of the auction of the 3-1/4-year Treasury Notes of Series D-1978, the 6-year Treasury Notes of
Series C-1981, and the 25-year Treasury Bonds of 1995-2000 were made public on January 28, January 29,
and January 30, respectively.

RESULTS OF AUCTION OF 3-1/4-YEAR TREASURY NOTES
(Notes of Series D-1978)
The Treasury has accepted $3.0 billion of the $6.4 billion of tenders received from the public for the 3-1/4-year
notes auctioned today [January 28], The range of accepted competitive bids was as follows:
Lowest yield ............................. . 7.17%J
Highest yield............................... 7.23%
Average yield ............................. 7.21%
The interest rate on the notes will be 7-1/8%. At the 7-1/8% rate, the above yields result in the following
prices:
Low-yield price ........................... 99.814
High-yield price ......................... 99.643
Average-yield p rice..................... 99.700
The $3.0 billion of accepted tenders includes 76% of the amount of notes bid for at the highest yield and $0.6
billion of noncompetitive tenders accepted at the average yield.
In addition, $0.9 billion of tenders were accepted at the average-yield price from Government accounts and
from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities.

a E x c e p tin g six te n d e rs to ta lin g $ 1 ,1 15.0(X).




(Over)

RESULTS OF AUCTION OF 6-YEAR TREASURY NOTES
(Notes of Series C-1981)
The Treasury has accepted $1.75 billion of the $4.2 billion of tenders received from the public for the 6 -year
notes auctioned today [January 29]. The range of accepted competitive bids was as follows:
Lowest yield ............................... 7.40*’ a
Highest yield ............................... 7.52°'
Average yield ............................. 7.49%
The interest rate on the notes will be 7-3/8%. At the 7-3/8% rate, the above \ields result in the following
prices:
Low-yield p ric e ........................... 99.881
High-yield price ......................... 99.311
Average-yield price..................... 99.453
The $1.75 billion of accepted tenders includes 24% of the amount of notes bid for at the highest yield and $0.2
billion of noncompetitive tenders accepted at the average yield.
In addition. $0.4 billion of tenders were accepted at the average-yield price from Government accounts and
from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities.
a Excepting tour tenders totaling $33,000.

RESULTS OF AUCTION OF 25-YEAR TREASURY BONDS
(Bonds of 1995-2000)
The Treasury has accepted $0.75 billion of the $2.3 billion of tenders received from the public for the 25-year
bonds auctioned today [January 30]. The range of accepted competitive bids was as follows:
Lowest yield ............................... 7.89%
Highest yield ............................. 7.%%
Average yield ............................ 7.95%
The interest rate on the bonds will be 7-7/8%. At the 7-7/8% rate, the above yields result in the following
prices:
Low-yield p ric e ........................... 99.837
High-yield price ......................... 99.084
Average-yield price..................... 99.191
The $0.75 billion of accepted tenders includes 96% of the amount of bonds bid for at the highest yield and $0 1
billion of noncompetitive tenders accepted at the average yield.
In addition, $0.15 billion of tenders were accepted at the average-yield price from Government accounts and
from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities.




ALFRED HAYES,
President.