Full text of Federal Reserve Bank of New York Circulars : 7640. Results of Auction of 17-Month Treasury Notes

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FED ER AL RESERVE BANK
O F N EW YORK
Fiscal Agent of the United States

C ircular No. 7640
May 23, 1975

R E S U L T S OF A U C T I O N OF 1 7 - M O N T H T R E A S U R Y N O T E S
(Notes of Series 0-1976)

To A ll Banking In stitu tio n s, and O thers Concerned,
in the Second F ederal R ese rv e D istrict:

The f o l l o w i n g s t a t e m e n t was issu e d M a y 22 by the
Treasury Department:




The Treasury has accepted $1.5 billion of the $2.6 billion
of tenders received from the public for the 17-month notes
auctioned today. The range of accepted competitive bids was as
follows:
Lowest yield ....... 6.38%
Highest yield ...... 6.5$%
Average yield ...... 6.5^%
The interest rate on the notes will be 6 -1 /2 % . At the 6-1/2%
rate, the above yields result in the following prices:
Low-yield price .... 100.158
High-yield price .... 99-895
Average-yield price.. 99*9^7
The $1.5 billion of accepted tenders includes 88% 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, $0.1 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
international monetary authorities.

Al f r e d

Haves,

P r e s i d e n t.