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FED ERAL RESERVE BANK
OF N E W YORK
Fiscal Agent of the United States
("Circular No. 720l"l
[_ August 2, 1973 J
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:
The following statements have been issued by the Treasury Department. The statement announcing
the results of the auction of 7-3/4% notes was made public July 31; the statement announcing the results of
the auction of 7-1/2% bonds was made public August 1.
RESULTS OF TREASURY NOTE AUCTION
The Treasury has accepted $2.0 billion o f the $2.1 billion o f tenders received from the public for the 4-year 7-3/4
percent notes auctioned today. The range o f accepted competitive bids was as follows:
Price
High ..................................................
Low ..................................................
Average ..........................................
Approx. yield
99.311
99.01
99.07
7.95%
8.04%
8.03%
! Excepting 15 tenders totaling $2,627,000.
The $2.0 billion o f accepted tenders includes 75 percent o f the amount of notes bid for at the low price, and $0.6
billion o f noncompetitive tenders accepted at the average price.
In addition, $0.6 billion o f the notes were allotted to Federal Reserve Banks and Government Accounts at the
average price, in exchange for securities maturing August 15.
RESULTS OF TREASURY BOND AUCTION
The Treasury has accepted $500 million of competitive and noncompetitive tenders received for its new 7-1/2
percent 20-year bonds auctioned today. Tenders from the public, all of which were accepted, totalled $260 million,
including $26 million of noncompetitive tenders. Tenders of $240 million submitted for Government Accounts also
were accepted.
The lowest price accepted was 95.05, which is the price to be paid by all bidders. This price results in a yield of
about 8.00% (to the maturity date o f August 15, 1993).
In addition to the $500 million of accepted competitive and noncompetitive tenders, $425 million of the bonds
were allotted to Federal Reserve Banks and Government Accounts, in exchange for securities maturing August 15, at
the price at which other tenders were accepted.
Alfred Hayes,
President.
@FedFRASER