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FED ER AL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
P Circular No. 7 1 1 1 1
L August 1, 1975 J
RESULTS OF TREASURY’S NOTE AND BOND AUCTIONS
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:
The following statements have been issued by the Treasury Department. The statements
announcing the results of the auction of the 2 ^ -y e a r Treasury N otes of Series F-1978, the
7-year Treasury Notes of Series B-1982, and the 25-year Treasury Bonds of 1995-2000 were
made public on July 29, July 30. and July 31, respectively.
RESULTS OF AUCTION OF 23^-YEAR TREASURY NOTES
(Notes of Series F-1978)
The Treasury has accepted $3.0 billion of the $5.6 billion of tenders received from the public for the 2^4-year
notes auctioned today [July 29]. The range of accepted competitive bids was as follows:
Lowest yield................................ 7.75% a
Highest yield.............................. 7.97%
Average yield.............................. 7.94%
The interest rate 011 the notes will be 7%%. At the 7%% rate, the above yields result in the following prices:
Low-yield price ........................ 100.233
High-yield price ...................... 99.695
Average-yield price.................. 99.768
The $3.0 billion of accepted tenders includes 23% of the amount of notes bid for at the highest yield and $0.9
billion of noncompetitive tenders accepted at the average yield.
In addition, $1.4 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.
a E x c ep tin g s ix tenders to ta lin g $235,000.
(ovn)
RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES
(Notes of Series B-1982)
The Treasury has accepted $2.0 billion of the $3.7 billion of tenders received from the public for the 7-year
notes auctioned today {July %
?o]. The range of accepted competitive bids was as follows:
Lowest yield................................ 8.06% a
Highest yield .............................. 8.18%
Average yield.............................. 8.14%
The interest rate on the notes will be 8 *4 %. At the 8 ^ % rate, the above yields result in the following prices:
Low-yield price ........................ 100.343
High-yield price ...................... 99.711
Average-yield price.................. 99.921
The $2.0 billion of accepted tenders includes 20% of the amount of notes bid for at the highest yield and $0.3
billion of noncompetitive tenders accepted at the average yield.
In addition. $0.9 billion of tenders were accepted at the average-vield price from Government accounts and from
Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities.
a Excepting seven tenders totaling $428,000.
RESULTS OF AUCTION OF 25-YEAR TREASURY BONDS
(Bonds of 1995-2000)
The Treasury has accepted $0.8 billion of the $2.0 billion of tenders received from the public for the 25-year
bonds auctioned today [July j/J . The range of accepted competitive bids wras as follows:
Lowest yield................................ 8.38% a
Highest yield .............................. 8.48%
Average yield ............................ 8.44%
The interest rate on the bonds will be 8 ^ % . At the 8 ^ % rate, the above yields result in the following prices:
Low-yield price .......................... 99.948
High-yield price ........................ 98.917
Average-yield price.................... 99.327
The $0.8 billion of accepted tenders includes 26% of the amount of bonds bid for at the highest yield and $41
million of noncompetitive tenders accepted at the average yield.
In addition, $0.3 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.
a Excepting six tenders totaling $5,050,000.
Paul
A . V o lc ker,
P residen t.
@FedFRASER