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FED ER AL RESERVE BANK O F N EW YORK Fiscal Agent of the United States Circular No. 7 662 June 26, 1975 R E S U L T S OF A U C T I O N OF 4 - Y E A R T R E A S U R Y N O T E S (Notes of Series E-1979) To A ll B anking In stitu tio n s, and O thers Concer ned in the Second F ederal R e se rv e D istrict: The f o l l o w i n g s t a t e m e n t was i s s u e d Ju n e 25 by the Treasury Department: The Treasury has accepted $1.75 billion of the $5.1+ billion of tenders received from the public for the U-year notes auctioned today. The range of accepted competitive bids was as follows: Lowest yield ....... 7*7I+%1 Highest yield ...... 7-85% Average yield ...... 7.83% l E x c e p t in g 12 t e n d e r s to t a lin g $ 7 3 5 ,0 0 0 . The interest rate on the notes will be 7 - 3 / b l . At the 7 - 3 A I rate, the above yields result in the following prices: Low-yield price .... 100.03^ High-yield price .... 99*66^ Average-yield price.. 99-731 The $1.75 billion of accepted tenders includes 77% 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, $20 million 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 Ha y e s , President.
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