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FED ER A L RESER VE BANK O F N E W YORK Fiscal Agent of the United States C ircular No. 7601 A pril 2, 1975 RESULTS OF AUCTION OF 2CI-MONTH TREASURY NOTES (Notes of Series N-1976) To A ll B anking In s titu tio n s, and O thers Concerned, in the Second F ederal R e se rve D istrict: The following statement was made public yesterday by the Treasury Department: The Treasury has accepted $1.5 "billion of the $3.8 billion of tenders received from the public for the 20-month notes auc tioned today. The range of accepted competitive bids was as follows: Lowest y i e l d . ..6.95% 1 Highest yield..T-19% Average yield..7.15% E x c e p t i n g e i g h t t e n d e r s t o t a l i n g $ 1 , 1 6 0 ,0 0 0 . The interest rate on the notes will be 7-1/8%. At the 7-1/8% rate, the above yields result in the following prices: Low-yield p r i c e ......100.23^High-yield p r i c e .... 99*865 Average-yield price.. 99*926 The $1.5 billion of accepted tenders includes 19% of the amount of notes bid for at the highest yield, and $0.1 billion of noncompetitive tenders accepted at the average yield. No tenders were received from Government accounts or from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities. Al f r e d Ha y e s , President
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