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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States Ci r cul ar No. 79 22 __ J u l y 22, 1976 _ RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series P-1978) To All Banking Institutions, and Others Concerned, in t h e Second Federal R e s e r v e District The following statement was issued July 20 by the Treasury Department: The Treasury has accepted $2,755 million of $h,8 l9 million of tenders received from the public for the 2 -year notes, Series P-1978, auctioned today. The range of accepted competi tive bids was as follows: Lowest yield...... 6 .9 0 % Highest yield..... 6 .9 6 % Average yield..... 6 .9 5 % Excepting fi t e n d e r s t o t a l i n g $ 2 3 0 ,0 0 0 . 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...... 99.953 High-yield price..... 99.8h3 Average-yield price... 9 9 .8 6 l The $u,755 million of accepted tenders includes 8 9 % of the amount of^nctes bid for at the highest yield and $ 2 9 5 million of noncompetitive tenders accepted at the average yield. In addition, $ 8 5 million of tenders were accepted at the average-yield price from Federal Reserve Banks as agents for foreign and international monetary authorities. P aul A. V olcker, President.
@FedFRASER