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F E D E R A L R E S E R V E B AN K O F N E W YORK Fiscal Agent of the United States I”Circular No. 7627 May 9 ,1975 RESULTS OF TREASURY’S NOTE AND BOND AUCTIONS To AH 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 ot the auction of the 3-1/4-year Treasury Notes of Series E-1978, the 7-year Treasury Notes of Series A-1982, and the 30-year Treasury Bonds of 2000-05 were made public on May 6, May 7, and May 8, respectively. RESULTS OF A U C TIO N OF 3-1/4-YEAR TREASURY NOTES (Notes of Series E-1978) The Treasury has accepted $2.75 billion of the $5.3 billion of tenders received from the public for the 3-1/4-year notes auctioned today [May 6 ). The range of accepted competitive bids was as follows: Lowest yield .................................. Highest y ie ld .................................. Average yield ................................ 7.60%8 7.74% 7.70% The interest rate on the notes will be 7-5/8%. At the 7-5/8% rate, the above yields result in the following prices: Low-yield p r i c e .............................. 100.001 High-yield price ............................ 99.604 Average-yield price ..................... 99.717 The $2.75 billion of accepted tenders includes 15% of the am ount of notes bid for at the highest yield and $0.6 billion of noncompetitive tenders accepted at the average yield. In addition, $2.35 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 five te n d e rs to ta lin g $ 3 2 5 ,0 0 0 . (Over) RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES (Notes of Series A-1982) The Treasury has accepted $1.5 billion of the $3.9 billion of tenders received from the public for the 7-year notes auctioned today [May 7]. The range of accepted competitive bids was as follows: Lowest yield .................................. Highest y ie ld .................................. Average yield ................................ 7.96%a 8.02% 8.00% The interest rate on the notes will be 8%. At the 8% rate, the above yields result in the following prices: Low-yield p r i c e ..............................100.212 High-yield price ............................ 99.894 Average-yield price ..................... 100.000 The $1.5 billion of accepted tenders includes 71% of the am ount of notes bid for at the highest yield and $0.3 billion of noncompetitive tenders accepted at the average yield. In addition, $1.2 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. ‘E x cepting five ten d ers to talin g $53,000. RESULTS OF AUCTION OF 30-YEAR TREASURY BONDS (Bonds of 2000-05) The Treasury has accepted $0.75 billion of the $1.8 billion of tenders received from the public for the 30-year bonds auctioned today [May #]. The range of accepted competitive bids was as follows: Lowest yield .................................. Highest y ie ld ................................... Average yield ................................ 8.25%a 8.32% 8.30% The interest rate on the bonds will be 8-1/4%. At the 8-1/4% rate, the above yields result in the following prices: Low-yield p r i c e .............................. 100.000 High-yield price ............................ 99.232 Average-yield price ..................... 99.450 The $0.75 billion of accepted tenders includes 55% of the am ount of bonds bid for at the highest yield and $0.1 billion of noncompetitive tenders accepted at the average yield. In addition, $0.85 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 cep tin g two ten d ers to talin g $13,000. A LFR E D H A YES, P re sid e n t.
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