Full text of Federal Reserve Bank of New York Circulars : 7908. Results of Auction of 5-Year Treasury Notes

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FED ER AL RESERVE BANK
O F NEW YORK
Fiscal Agent of the United States
C ircular No. 7908
June 30, 1976

RESULTS OF AUCTION OF 5-YEAR TREASURY NOTES
(Notes of Series F-1981)
I o A ll H anking I n s titu tio n s , a n d O th ers C oncerned,
in t h e S e c o n d f e d e r a l R e s e r v e D i s t r i c t :

The following statement was issued yesterday by the
Treasury Department:
The Treasury has accepted $2,501 million of the $5,$95 mil­
lion of tenders received from the public for the 5-year notes,
Series F-1981 , auctioned today. The range of accepted competi­
tive bids was as follows:
Lowest yield...... 7-60/? 1
Highest yield..... 7.6$%
Average yield..... 1 .6 3 %
I

Excepting nine ten d ers tota lin g $3 14,000.

The interest rate on the notes will be 7-5/8%. At the 7-5/8%
rate, the above yields result in the following prices:
Low-yield price...... 100.076
High-yield price.....
99*909
Average-yield price... 99*951
The $2,501 million of accepted tenders includes 98% of the
amount of notes bid for at the highest yield and $383 million of
noncompetitive tenders accepted at the average yield.
In addition, $70 million of tenders were accepted at the
average-yield price from Federal Reserve Banks as agents for foreign
and international monetary authorities.




P a u l A. V

olcker,

President.