View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL
OF

RESERVE
NEW

BANK

YORK

Fiscal Agent of the United States
I"C ircular No. 7987*1
[.November 9, 197bJ

RESULTS OF TREASURY’S NOVEMBER REFINANCING
To A ll Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

T h e follow ing s t a t e m e n t was issued N o v e m b e r 5 by th e T r e a s u r y D e p a r t m e n t :

Through the sale of the three issues offered in the November refinancing, the Treasury raised approximately
$2,500 million of new money and refunded $4,300 million of securities maturing November 15, 197b. The following
table summarizes the results:
Maturing
Securities
Held

New Issues

6-1/4%
.1-Year Notes
(Series K-1979)

Public

$3.0

7%
7- Year Notes
(Series IF CISJ)

$2 . 0

Non
marketable
7- 7
Special
2.1-1 / 4-Year Bonds
Issue
(Bonds o f 1995-2000)

Net New
Money
Raised

Total

$1 .0

—

$6 . 0

$4.0

$2 . 0

$0 . 2

0.3

0.3

—

Government accounts and
Federal Reserve Banks

0 .1

0 .1

—

Foreign accounts (for cash)

0.3

0 .2

—

—

0.5

—

0.5

$1.0

$0 . 2

$6 . 8

$4.3

$2.5

$3.4

Total 1

$2.3

'Details may not add to total due to rounding.

In a d d itio n , the T r e a s u r y has released the following d e ta ile d re su lts for e a c h offering:

RESULTS OF AUCTION OF 3-YEAR TREASURY NOTES
(Notes of Series K-1979)

The Treasury has accepted $3,001 million of the $5,386 million of tenders received from the public for the 3-year
notes. Series K-1979, auctioned today {November ,?|. The range of accepted competitive bids was as follows:
Lowest yield..............................
Highest yield ..............................
Average yield .............................

6.32% 1
6.37%
6.36%

The interest rate on the notes will be 6-1/4%. At the 6-1/4% rate, the above yields result in the following prices:
Low-yield price ........................... 99.81 I
High-yield price ......................... 99.677
Average-yield price ................... 96.704
The $3,001 million of accepted tenders includes 51% of the amount of notes bid for at the highest yield and $563
million of noncompetitive tenders accepted at the average yield.
'Excepting one tender of $1,005,(X ).
X




(Over)

In addition, $353 million of tenders were accepted at the average-yield price from Government accounts and
Federal Reserve Banks for their own account in exchange for notes maturing November 15, 1976 ($70 million) and
from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($283 million).

RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES

(Notes of Series B-1983)
The Treasury has accepted $2,015 million of $6,249 million of tenders received from the public for the 7-year
notes, Series B-1983, auctioned today {November 4). The range of accepted competitive bids was as follows:
Lowest yield.............................................. 7.00% 1
Highest yield............................................ 7.02%
Average yield............................................ 7.02%
The interest rate on the notes will be 7%. At the 7% rate, the above yields result in the following prices:
Low-yield p rice........................................ 100.000
High-yield price ...................................... 99.891
Average-yield price.................................. 99.891
The $2,015 million of accepted tenders includes 70% of the amount of notes bid for at the highest yield and $891
million of noncompetitive tenders accepted at the average yield.
In addition, $270 million of tenders were accepted at the average-yield price from Government accounts and
Federal Reserve Banks for their own account in exchange for notes maturing November 15, 1976 ($50 million) and
from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($220 million).
*Excepting five tenders totaling $1,000,000.
RESULTS OF AUCTION OF 23-1/4-YEAR TREASURY BONDS

(Bonds of 1995-2000)
The Treasury has accepted $1,000 million of the $1,544 million of tenders received from the public for the 23-174year 7-7/8% bonds auctioned today [November 5]. The range of accepted competitive bids was as follows:

Priee

High .............................
Low ...............................
Average.........................

101.051
100.58
100.79

A pprox. yield
to first callable date

A pprox. yield
to maturity

7.76%
7.81%
7.79%

7.77%
7.82%
7.80%

The $1,000 million of accepted tenders includes 30% of the amount of bonds bid for at the low price, and $150
million of noncompetitive tenders accepted at the average price.
1Excepting four tenders totaling $6,160,000.




PA U L A. VOLCKER,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102