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FED ER A L RESERVE BANK OF NEW YORK Fiscal Agent o f the United States Tcircular No. 7340l |_February 8, 1974J To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: T h e fo llo w in g statem en ts h ave b e e n issu ed b y th e T r e a s u r y D e p a r tm e n t. T h e sta tem en t a n n o u n c in g th e resu lts o f the a u ctio n o f th e 7 % n o te s o f S eries A - 1981 w as m a d e p u b lic F e b ru a ry 5 ; the sta tem en t a n n o u n c in g the results o f the a u c tio n o f th e 6 - 7 / 8 % n o te s o f S eries C -1 9 7 7 was m a d e p u b lic F e b ru a ry 6; an d the statem en t a n n o u n c in g th e a u c tio n o f th e 7 - 1 / 2 % b o n d s o f 1 9 8 8 -9 3 w as m a d e p u b lic F e b ru a ry 7. R E SU L T S O F T R E A S U R Y 7% N O T E A U C T IO N T he Treasury has accepted $1.5 billion o f the $3.0 billion o f tenders received from the pu blic for the 7-year 7 percent notes auctioned today. The range o f accep ted com petitive bids was as follows: Price High . . Low . . . 100.68 a 100.10 100.28 Average Approx. yield 6.88% 6.98% 6.95% aExcepting one tender o f $1,000,000. T he $1.5 billion o f accepted tenders includes 94 percent o f the am ount o f notes bid for at the low price, and $0.1 billion o f noncom petitive tenders accepted at the average price. In addition, $0.3 billion o f the notes were allotted to Federal R eserve Banks and Governm ent A ccou n ts at the average price, in exchange for securities m aturing February 15. R E S U L T S O F T R E A S U R Y 6 -7 /8 % N O T E A U C T IO N The Treasury has accepted $2.25 billion o f the $3.1 billion o f tenders received from the p u blic for the 3-1/4-year 6 -7 /8 percent notes auctioned today. T he range o f accepted com petitive bids was as follow s: Price High .............................................................. L o w ................................................................ A verag e ......................................................... 100.92 100.35 100.51 Approx. yield 6.56% 6.75% 6.70% The $2.25 billion o f accepted tenders includes 46 percent o f the amount o f notes bid for at the low price, and $0.3 billion o f noncompetitive tenders accepted at the average price. In addition, $0.3 billion o f the notes were allotted to Federal Reserve Banks and Government A ccoun ts at the average price, in exchange for securities m aturing February 15. (Over) R E S U L T S O F T R E A S U R Y B O N D A U C T IO N T he Treasury has accepted $300 m illion o f the $1,144 m illion o f tenders received from the p u blic for 19-1/2-year 7 -1 /2 percent bonds auctioned today. T he lowest price accepted was 100.45, which is the price to be paid by all successful bidders. This price results in a yield o f 7.45% to the first callable date, August 15, 1988, and 7.46% to maturity. A ccepted tenders include 93% o f the a m ou n t bid fo r at the low price, and $31 million o f noncom petitive tenders. In addition to the amount allotted to the p u b lic, $250 m illion o f the bonds were allotted to Federal Reserve Banks and Government A ccounts in exch ange fo r securities m aturing February 15, at the price at which other tenders were accepted. A L F R E D H AYES, P resid en t.
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