Full text of Federal Reserve Bank of New York Circulars : 7832. Results of Auction of 4-year Treasury Notes

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F E D E R AL R E S E R V E BANK
O F N E W YORK
Fiscal Agent of the United States
Circular No. 7832
March 8, 1976

RESULTS OF AUCTION OF 4-YEAR TREASURY NOTES
(Notes of Series C-1980)
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The following statement was issued March 5 by the
Treasury Department:
The Treasury has accepted $2.0 billion of the $5-^ billion
of tenders received from the public for the ^-year notes,
Series C-1980, auctioned today. The range of accepted competi­
tive bids was as follows:
Lowest yield ..... 7-50%^
Highest yield..... 7.55%
Average yield..... 7-5^%

l
E xcep tin g nin e ten d ers to ta lin g # 8 9 1 ,0 0 0 .

r a te ,

T h e i n t e r e s t r a t e on t h e n o t e s w i l l b e 7 - 1 /2 % .
A t t h e 7 -1 /2 %
th e a b ove y i e l d s r e s u l t in th e f o llo w in g p r ic e s :

Low-yield price...... 99-990
High-yield price..... 99-8l8
Average-yield price . 99-853
.
The $2.0 billion of accepted tenders includes 3^% of the amount
of notes bid for at the highest yield and $0.7 billion of noncom­
petitive tenders accepted at the average yield.
In addition, $15 million of tenders were accepted at the
average-yield price from foreign and international monetary
authorities.




P A U L A . VOLCKER,