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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 7879 May 20, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series M-1978) To A// BanAtug /nsttfMNons, in C oncern^ Second Fe^era/ Reserve Dis^nc/.' The T reasury fo llo w in g statem ent was issu ed yesterd ay by the D epartm ent: The Treasury has accepted approximately $2,250 million of $L,717 million of tenders received from the public for the 2-year notes, Series M-1978, auctioned today. The range of accepted com petitive bids was as follows: Lowest yield...... Highest yield..... Average yield..... 7.08%^ 7.19% 7.l6% 1---------- ; ; Excepting six tenders totaling $7,260,000. The interest rate on the notes will be 7-1/8%. At the 7-1/8% rate, the above yields result in the following prices: Low-yield price...... 100.082 High-yield price..... 99.881 Average-yield price... 99.936 The $2,250 million of accepted tenders includes 5 6 % of the amount of notes bid for at the highest yield and $ 369 million of noncompetitive tenders accepted at the average yield. In addition, $302 million of tenders were accepted at the averageyield price from Government accounts and Federal Reserve Banks for their own account in exchange for notes maturing May 31, 1976 ($82 million), and from Federal Reserve Bank as agents for foreign and international monetary authorities for new cash ($220 million). PAUL A . VOLCKER,
@FedFRASER