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FE D E R A L R E SE R V E BANK O F N EW YORK Fiscal Agent of the United States T C ir c u la r 7 8 461 N o. M arch 2 5 , 1976 L J RESULTS OF AUCTION OF 4-YEAR 10% MONTH TREASURY NOTES (Notes of Series E-1981) To Faw&tMg' w fAc and CowffrHPd, Federal The following statement was issued March 24 by the Treasury Department: The Treasury has accepted $2.5 billion of the $5.1 billion of tenders received from the public for the 4-year 10% month notes, Series E-1981, auctioned today. The range of accepted competitive bids was as follows: Lowest yield ............................. 7.35% * Highest y ield ............................. 7.39% Average yield ............................ 7.38% l E xcepting five tenders totaling $6,530,000. The interest rate on the notes will be 7%%. At the 7%% rate, the above yields result in the follow ing prices: Low-yield p rice...................... 100.101 99.940 99.980 High-yield price ........................ Average-yield price ................. The $2.5 billion of accepted tenders includes 100% of the amount of notes bid for at the highest yield and $0.5 billion of noncompetitive tenders accepted at the average yield. In addition, $115 million of tenders were accepted at the average-yield price from foreign and inter national monetary authorities. Attention is directed to the fact that the coupon rate of 7% % on the new notes (Series E-1981) is the same as that on previously issued Treasury notes (Series C-1981) and that both notes will mature on February 15, 1981. However, interest to be paid on August 15, 1976 will be $26.74451 per thousand for the new Series E-1981 notes and $36.87500 per thousand for the existing Series C-1981 notes. After August 15, 1976 both Series C-1981 and E-1981 will have the same semi-annual interest payments, $36.87500 per thousand. Three factors will distinguish the two notes, the series designation, the issue date, and the cusip number. Series C-1981 was issued on February 18, 1975 (Cusip No. 912827 EDO) and Series E-1981 will be is sued on April 5, 1976 (Cusip No. 912827 FM 9). PAUL A. VOLCKER,
@FedFRASER