Full text of Federal Reserve Bank of New York Circulars : 7949. Results of Auction of 4-Year Treasury Notes

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FEDERAL
OF

RESERVE
NEW

BANK

YORK

Fiscal Agent of the United States
C ir c u la r N o . 7 9 4 9
S ep te m b er 2, 19 7 6

R E SULTS OF A U C T I O N OF 4-YEAR T R E A S U R Y NOTES
(Notes of Series E-1980)

l o A l l B a n k in g I r i s h l u t i o n s , a n d O t h e r s C o n c e r n e d ,
in t h e S e c o n d F e d e r a l R e s e r v e D i s t n c t :

The

fo l l o w i n g

s t a t e m e n t was

issued A u g u s t

31 by the

T r e a s u r y Department:
The Treasury has accepted $2,002 million of $5,1+23 million
of tenders received from the public for the i-year notes,
Series E-1980, auctioned today. The range of accepted competi­
tive bids was as follows:
Lowest yield..... 6 .90%1
Highest yield.... 6.9h%
Average yield.... 6.93%
1
E x c e p tin g o n e ten d e r o f $ 2 9 ,0 0 0 .

The interest rate on the notes will be 6 -3 /6 % . At the 6-1/6%
rate, the above yields result in the following prices:
Low-yield price...... 99-903
High-yield price..... 99-761+
Average-yield price... 99-799
The $2,002 million of accepted tenders includes 12%o of the
amount of notes bid for at the highest yield and $531+ million of
noncompetitive tenders accepted at the average yield.
In addition, $120 million of tenders were accepted at the
average-yield price from Federal Reserve Banks as agents for
foreign and international monetary authorities.




P aul A. V olcker,

President.