Full text of Federal Reserve Bank of New York Circulars : 7689. Results of Auction of 2-Year Treasury Notes

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

Circular No. 7689
August 15, 1975

RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES
(Notes of Series L-1977)
To A ll B an k in g In stitu tio n s, an d O th ers C oncerned,
in the S e c o n d F e d e r a l R e se r v e D istric t:

The following statement was issued August 14 by
the Treasury Department:




The Treasury has accepted $2.0 billion of the $ U .9 billion
of tenders received from the public for the 2-year notes
auctioned today. The range of accepted competitive bids was
as f o l lows:
Lowest y i e l d ....... 8.15# 1
Highest y i e l d ...... 8.29#
Average y i e l d ...... 8.25#
1
E x c e p tin g 17 ten ders tota lin g $ 9 ,920 ,00 0.

The interest rate on the notes will be 8-1 A # .
At the 8 - l A #
rate, the above yields result in the following prices:
Low-yield p r i c e .... 100.180
High-yield price.... 99*926
Average-yield price. 99-998
The $2.0 billion of accepted tenders includes 27# of the
amount of notes bid for at the highest yield, and $0.5 billion
of noncompetitive tenders accepted at the average yield.
In addition, $10 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 inter­
national monetary authorities.

PAUL A. VOLCKER,
President.