Full text of Federal Reserve Bank of New York Circulars : 6633. Results of Treasury Note Auction and Exchange Offering

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FE D ER A L R ESER V E BANK
O F NEW YO RK
F is c a l A gent of the U n ited S ta te s

[ C ir c u la r N o . 663 3
[N o v e m b e r 6 , 1970

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To A ll Banking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

The following statem ent was made public yesterday by the T reasu ry Department:
RESULTS OF TREASURY NOTE AUCTION
AND EXCHANGE OFFERING
The T reasu ry announced that it has accepted $2.0 billion of the $5.2 billion of tenders
received for its new 6-3/4 percen t 18-month notes auctioned today.
The range of accepted com petitive bids was as follows:

H i g h .......................
Low .......................
A v e r a g e ................ . . . .

P rice

A p p ro x . y i e l d

100.76

6.09%
6o26%
6.21%

The $2.0 billion of accepted tenders includes 32 percent of the amount of notes bid for
at the low p ric e and $0.5 billion of noncompetitive tenders accepted at the average p ric e .
The T reasu ry said that the net effect of this note auction and last week’s exchange o ffer­
ing will be to ra ise some $1.3 billion of new cash.
The following is a sum m ary of the resu lts of the exchange offering (dollars in m illions):
Notes to be issu ed

Unexchanged

7-1/4%
5 /1 5 /7 4

7-1/2%
8 /1 5 /7 6

T otal

T otal

H eld by p u b l i c ....................................... . $6,020
F e d . R e s. B a n k s & G ov’t A c c ts . . .
1,655

$3,667
842

$1,701
811

$5,368
1,653

$652
2

10.8
0.1

T o t a l .................................................... . $7,675

$4,509

$2,512

$7,021

$654

8.5

Notes eligible
for exchange




Alfred Hayes,
President.

% of
eligible