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FEDERAL RESERVE BANK OF NEW YORK F iscal A gent of the United States Circular No. 7821 February 23, 1976 RESULTS OF AUCTION OF 21-MONTH TREASURY NOTES (Notes of Series Q-1977) To A// Banking /n.s;:?M;:on.s, in i/?e Second F eJera/ Concerned, Di^irici.' The following statement was issued February 20 by the Treasury Department: The Treasury has accepted $2.5 billion of the $4.8 billion of tenders received from the public for the 21-month notes, Series Q-1977! auctioned today. The range of accepted competitive bids was as follows: Lowest yield ..... Highest yield..... Average yield..... 6*57%* 6.64% 6.62% Excepting one tender of $90,000. The interest rate on the notes will be 6-5/8%. At the 6-5/8% rate, the above yields result in the following prices: Low-yield price...... 100.039 High-yield price..... 99-925 Average-yield price... 99-957 The $2.5 billion of accepted tenders includes 6% of the amount of notes bid for at the highest yield and $0.4 billion of noncomĀ petitive tenders accepted at the average yield. In addition, $110 million of tenders were accepted at the average-yield price from foreign and international monetary authorities. PAUL A. VOLCKER,