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FED ER AL RESERVE BANK O F NEW YORK Fiscal Agent of the United States Circular No. 7781 December 23, 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 TES (Notes of Series G-1979) T o A l l B a n k in g I n s t i t u t i o n s , a n d O t h e r s C o n c e rn e d , in th e S e c o n d F e d e r a l R e s e r v e D is t r i c t : The f o l l o w i n g s t a t e m e n t w a s is.sued y e s t e r d a y b y the Treasury Department: The Treasury has accepted $2.0 bi l l i o n of the $4.3 billion of tenders received from the public for the 4-year notes, Series G-1979, auctioned today. The range of accepted competitive bids was as follows: Lowest yield ........ Highest yield ....... A verage yield ....... 7.43% 7.53% 7.50% * E xcep tin g four ten d ers to ta lin g $ 2 7 6 ,0 0 0 . The interest rate on the notes w i l l be 7-1/2%. At the 7-1/2% rate, the above yields result in the following prices: Low-yield price ....... 100.238 High-yield price ...... 99.898 Aver a g e - y i e l d price ... 100.000 The $2.0 b i llion of accepted tenders includes 26% 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 we r e received from Government accounts or from Federal Reserve Banks. P aul A. V olcker, President.
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