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FEDERAL RESERVE BANK O F NEW YORK Fiscal Agent of the United States C ircu lar No. 7612 April 16, 1975 R ESU LTS OF A U C T IO N OF 2 -Y E A R TR EASURY N OTES ( N o te s o f S e r i e s H -1 9 7 7 ) A ll B a n k in g I n s titu tio n s , a n d O th e rs C o n cern ed , n th e S e c o n d F e d e ra l R e s e r v e D istric t: The th e fo llo w in g T re a su ry s ta te m e n t w as m ade p u b lic y e s te rd a y D e p a rtm e n t: The T r e a s u r y h a s a c c e p t e d $ 1 .5 b i l l i o n o f t h e $ U .l b i l l i o n o f t e n d e r s r e c e i v e d fro m t h e p u b l i c f o r t h e 2 - y e a r n o t e s a u c t i o n e d to d a y . The r a n g e o f a c c e p t e d c o m p e t i t i v e b i d s w as a s f o l l o w s : L o w e st y i e l d ............. H i g h e s t y i e l d ........... A v e ra g e y i e l d ........... 7*37^ 1 7 .^5% 1 . b3% 1 Excepting six tenders totaling $315,000. The i n t e r e s t r a t e on t h e n o t e s w i l l b e 7 - 3 /8 % . A t t h e 7 -3 /8 % r a t e , th e above y i e l d s r e s u l t in th e fo llo w in g p r i c e s : L o w - y ie ld p r i c e ...........1 0 0 .0 0 9 H ig h -y ie ld p r ic e . . . . 99*863 A v e ra g e - y ie ld p r i c e . 99*900 The $ 1 .5 b i l l i o n o f a c c e p t e d t e n d e r s i n c l u d e s 'jhX o f t h e a m o u n t o f n o t e s b i d f o r a t t h e h i g h e s t y i e l d , a n d $ 0 .3 b i l l i o n o f n o n c o m p e titiv e te n d e r s a c c e p te d a t th e a v e ra g e y i e l d . I n a d d i t i o n , $ 0 .1 b i l l i o n o f t e n d e r s w e re a c c e p t e d a t t h e a v e r a g e - y i e l d p r i c e fro m G o v e rn m e n t a c c o u n t s a n d fro m F e d e r a l R e s e r v e B anks f o r t h e m s e l v e s a n d a s a g e n t s o f f o r e i g n a n d i n t e r n a t i o n a l m o n e ta r y a u t h o r i t i e s . Al f r e d Ha y e s , Pr e s i den t.
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