Full text of Federal Reserve Bank of New York Circulars : 7656. Results of Auction of 2-Year Treasury Notes

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
Circular No. 7656
June 19, 1975

RESULTS OF AUCTION OF 2 - YEAR TREASURY NOTES
(Notes of Series J - 1 9 T T )
To A ll B anking In stitu tio n s, and O thers Concerned,
in the Second F ederal R e se rv e D istrict:

The following statement was issued June 17 by the
T reasury Department:
The Treasury has accepted $2.0 billion of the $2.6 billion
of tenders received from the public for the 2-year notes auctioned
today. The range of accepted competitive bids was as follows:
Lowest yield ....... 6.50# 1
Highest yield ...... 6.69%
Average yield ...... 6 .6 1 %
l

Exc ept i ng three tenders t otal ing $1,570,000.

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 .... 100.000
High-yield price .... 99*650
Average-yield price.. 99-797
The $2.0 billion of accepted tenders includes 95% 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, $0.2 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 H a y e s ,

President