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F E D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States Circular No. 7900 June 22, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series N-1978) To A// ;r? an<T O r d e r s C onc erne d, iecon<2 Ra.sert/e The following statement was issued yesterday by the Treasury Department: The Treasury has accepted $2,502 million of the $^,l60 mil lion of tenders received from the public for the 2-year notes, Series N-1978, auctioned today. The range of accepted compet itive bids was as follows: Lowest yield...... Highest yield..... Average yield..... 6 .9 6 %^ 7.01% 6.99% E x c e p ti n g two t e n d e r s t o ta l in g ^4, 500,000. The interest rate on the notes will be 6-7/8%. At the 6*7/8% rate, the above yields result in the following prices: Low-yield price...... High-yield price..... 99-8^ 99.752 Average-yield price... 99-789 The $ 2 , 5 0 2 million of accepted tenders includes 27% of the amount of notes bid for at the highest yield and $^96 million of noncompetitive tenders accepted at the average yield. In addition, $812 million of tenders were accepted at the average-yield price from Government accounts and Federal Reserve Banks for their own account in exchange for notes maturing June 30, 1976 ($692 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($120 million). PAUL A . VOLCKER,
@FedFRASER