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FED ER AL RESERVE BANK O F NEW YORK Fiscal Agent of the United States C i r c u l a r No. 7670 Ju ly 18, 1975 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 (Notes of Series K - 1 9 7 7 ) T o A ll B anking In stitu tio n s, and O thers Concerned in the Second F ederal R e se rv e D istrict: T h e f o l l o w i n g s t a t e m e n t w a s i s s u e d J u l y 17 by the Treasury Department: The Treasury has accepted $1.5 billion of the $5*^ billion of tenders received from the public for the 2-year notes auctioned today. The range of accepted competitive bids was as follows: Lowest y i e l d ....... 7-^9% 1Highest y i e l d ...... 7.53% Average y i e l d ...... 7*52% l E x c e p tin g s e v e n te n d e rs totalin g 1 1 ,0 95,000. The interest rate on the notes will be 7-1/2 f . At the 7-1/2% rate, the above yields result in the following prices: Low-yield p r i c e .....100. 018 High-yield price.... 99-9^5 Average-yield price. 99*963 The $1.5 billion of accepted tenders includes 39% of the amount of notes bid for at the highest yield, and $0.3 billion of noncompetitive tenders accepted at the average yield. No tenders were received from Government accounts or from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities. Al f r e d H a y e s , Presi den t.