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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States Circular No. 7711 September 17, 1975 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series M-1977) T o A ll B ankin g I n s titu tio n s , an d O th e rs C oncerned, in th e S e c o n d F e d era l R e s e r v e D is tr ic t: The following statement was issued September 16 by the Treasury Department: The Treasury has accepted $3.0 billion of the $6.7 billion of tenders received from the public for the 2-year notes , Series M-1977, auctioned today. The range of accepted competitive bids was as follows: Lowest y i e l d ....... 8.1+0$1 Highest y i e l d ...... 8.1+6$ Average y i e l d ...... 8.1+1+$ E x c e p tin g f iv e te n d e r s to ta lin g $255,000. The interest rate on the notes will be 8-3/8$. At the 8-3/8$ rate, the above yields result in the following prices: Low-yield p r i c e .... 99*955 High-yield price.... 99*81+7 Average-yield price. 99.883 The $3.0 billion of accepted tenders includes 3*+$ of the amount of notes bid for at the highest yield, and $1.1+ 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 inter national monetary authorities. P aul A. V olcker, President.
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