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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,