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FEDERAL RESERVE BANK O F N EW YORK Fiscal Agent of the United States C ircu lar N o . 7 5 3 6 D ecem ber 2 6 , 1974 R E S U L T S OF A U C T I O N OF 2 - Y E A R T R E A S U R Y N O T E S To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was made public December 2 3 by t h e T r e a s u r y D e p a r t m e n t : The Treasury has accepted $2.0 billion of the $2.8 billion of tenders received from the public for the 2-year notes auctioned today. The range of accepted competivive bids was as follows: Lowest y i e l d . ..7 »15% 1 Highest yield.. 1.31% Average yield..7*32$ E x cep tin g fiv e tenders totalin g 1 5 ,1 8 0 ,0 0 0 The interest rate on the notes will be 1-l/hf. At the 1-1/hi rate, the above yields result in the following prices: Low-yield p r i c e ......1 0 0 . 1 8 3 High-yield p r i c e .... 99*781 Average-yield p r i c e . ..99*872 The $2.0 billion of accepted tenders includes 39$ of the amount of notes bid for at the highest yield, and $0.2 billion of noncompetitive tenders accepted at the average yield. In addition, $0.3 billion of tenders were accepted at the average-yield price from Government accounts and from Federal Reserve Banks for themselves and as agents of foreign and inter national monetary authorities. Al fred Ha ye s , President.
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