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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States C ir c u la r N o . 7 7 2 6 O c to b e r 8 , 1975 RESULTS OF AUCTION OF 38-MONTH TREASURY NOTES (Notes of Series H-1978) To A ll B ankin g In s titu tio n s , and O th e rs C oncerned, in the S e c o n d F e d e ra l R e s e r v e D is tr ic t: The following statement was issued October 7 by the Treasury Department: The Treasury has accepted $2.5 billion of the $3.3 billion of tenders received from the public for the 38-month notes, Series H-1978, auctioned today. The range of accepted competitive bids was as follows: Lowest yield ...... 8.0 6%l Highest y i e l d ...... 8.19$ Average y i e l d ...... Q. l k% l E xcep tin g five tenders to ta lin g $ 6 ,3 4 0 ,0 0 0 . The interest rate on the notes will be 8-1/8$. At the 8-1/8$ rate, the above yields result in the following prices: Low-yield pri c e .... 100.121 High-yield price.... 99-761 Average-yield price. 99-899 The $2.5 billion of accepted tenders includes hk% of the amount of notes bid for at the highest yield, and $0.3 billion of noncompetitive tenders accepted at the average yield. No tenders were received from Government accounts or from Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities. P a u l A . V o lc k er , President.
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