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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 7797 January 15, 1976 RESULTS OF TREASURY NOTE AUCTIONS To <4// B anking ln.s;:;M;:ons, an J O thers C oncerned, in iAe Second Federal Resert/e District.' The following statements have been issued by the Treasury Department. The statements announcing +*he results of the auction of the 5-year 4-month Treasury Notes of Series D-1981 and the 2-year Treasury Notes of Series J-1978 were made public on January 13 and January 14, respectively. RESULTS OF AUCTION OF 5-YEAR 4-MONTH TREASURY NOTES (Notes of Series D-1981) The T r e a s u r y h a s a c c e p t e d $ 2 .0 b i l l i o n o f t h e $ 3 .3 b i l l i o n o f t e n d e r s r e c e i v e d fro m t h e p u b l i c f o r t h e 5 - y e a r 1 - m c r th n o t e s , S e r i e s D -1 9 8 1 , a u c t i o n e d to d a y [ J a n u a r y 13 ] . The r a n g e o f a c c e p t e d com p e t i t i v e b i d s was a s f o l l o w s : L ow est y i e l d H ig h e s t y i e l d A v e ra g e y i e l d Excepting five tenders totaling $8,518,000. The i n t e r e s t r a t e on t h e n o t e s w i l l b e 7 -3 /8 % . A t t h e 7-3/8% r a t e , t h e ab o v e y i e l d s r e s u l t i n t h e f o l l o w i n g p r i c e s : L o w -y ie ld p r i c e ............... 1 0 0 .1 0 8 H i g h - y i e l d p r i c e ............ 9 9 -8 0 6 A v e ra g e -y ie ld p r ic e . . . 9 9 -8 9 2 The $ 2 .0 b i l l i o n o f a c c e p t e d t e n d e r s i n c l u d e s 30% o f t h e am ount o f n o t e s b i d f o r a t t h e h i g h e s t y i e l d , an d $ 0 .2 b i l l i o n o f n o n c o m p e t it iv e t e n d e r s a c c e p t e d a t t h e a v e r a g e y i e l d . I n a d d i t i o n , $10 m i l l i o n o f t e n d e r s w e re a c c e p t e d a t t h e a v e r a g e - y i e l d p r i c e from f o r e i g n an d i n t e r n a t i o n a l m o n e ta ry a u th o ritie s . ( O v e r) RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series J-1978) The T r e a s u r y h a s a c c e p t e d $ 2 .5 b i l l i o n , i n c l u d i n g $ 0 .3 b i l l i o n fro m t h e F e d e r a l R e s e rv e B a n k s , f o r th e m s e lv e s an d a s a g e n ts o f f o r e i g n an d i n t e r n a t i o n a l m o n e ta ry a u t h o r i t i e s , o f t h e $ 3 .6 b i l l i o n o f t e n d e r s r e c e i v e d f o r t h e 2 - y e a r n o t e s , S e r i e s J - 1 9 7 8 , a u c ti o n e d to d a y [ J a n u a r y li+] . The r a n g e o f a c c e p t e d c o m p e t i t i v e b i d s was a s fo llo w s : L ow est y i e l d ................. 6.^1% H ig h e s t y i e l d ............... 6.51% A v e ra g e y i e l d ............... 6.^9% The i n t e r e s t r a t e on t h e n o t e s w i l l b e 6 -3 /8 % . At t h e 6-3/8% r a t e , t h e ab o v e y i e l d s r e s u l t i n t h e f o l l o w i n g p r i c e s : L o w -y ie ld p r i c e ............... 99*935 H i g h - y i e l d p r i c e ............ 9 9 .7 5 1 A v e r a g e - y i e l d p r i c e . . . 9 9 -7 8 8 The $ 2 .5 b i l l i o n o f a c c e p t e d t e n d e r s i n c l u d e s 8 9 % o f t h e am ount o f n o t e s b i d f o r a t t h e h i g h e s t y i e l d , and $ 0 .3 b i l l i o n o f n o n c o m p e t it iv e t e n d e r s from t h e p u b l i c a c c e p t e d a t t h e a v e r a g e y ie ld . PAUL A . VOLCKER,
@FedFRASER