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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.