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FEDERAL RESERVE OF NEW BANK YORK Fiscal Agent of the United States I"Circular No. 7263 "1 |_November 1, 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 o f the auction o f the 7% notes o f Series C-1979 was made public O ctober 30; the statement announcing the results o f the auction o f the 7% notes o f Series H-1975 and the 7 -1 /2 % bonds o f 1988-93 was made public O ctober 31. RESULTS OF T R E A S U R Y N O TE A U CTIO N (Notes of Series C-1979) The Treasury has accepted $2.0 billion of the $2.9 billion of tenders received from the public for the 6 -year 7 percent notes auctioned today. The range of accepted competitive bids was as follows: Price 101.21 a High . . Low .. Average 100.63 100.88 A pprox. yield 6.75% 6.87% 6.82% a Excepting one tender of $2,000,000. The $2.0 billion of accepted tenders includes 39 percent of the amount of notes bid for at the low price, and $0.2 billion of noncompetitive tenders accepted at the average price. In addition, $0.2 billion of the notes were allotted to Federal Reserve Banks and Government Accounts at the average price, in exchange for securities maturing November 15. RESULTS OF T R E A S U R Y ’ S N O T E A N D BOND AU CTIO NS (Notes of Series H-1975; Bonds of 1988-93) The Treasury has accepted from the public $1,501 million of tenders for the 7% 25-1/2 month notes and $300 million of tenders for the 7-1/2% 19-3/4 year bonds auctioned today. Total tenders received were $2,850 million for the notes and $1,287 million for the bonds. The range of accepted competitive bids for the notes was as follows: High .................................... ................... Low ......................................................... Average ............................. ..................... Price A pprox. yield 100.49 100.09 100.14 6.73% 6.94% 6.91% The lowest price accepted for the bonds was 101.60, which is the price to be paid by all successful bidders. This price results in a yield of 7.32% to the first callable date, August 15, 1988, and 7.35% to maturity. Accepted tenders for the notes include 84% of the amount bid for at the low price, and $226 million of noncompetitive tenders accepted at the average price. Accepted tenders for the bonds include 99% of the amount bid for at the low price, and $40 million of noncompetitive tenders. In addition to the amounts allotted to the public, $220 million of the notes and $136 million of the bonds were allotted to Federal Reserve Banks and Government Accounts in exchange for bonds maturing November 15. ALFRED HAYES, President.
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