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FEDER AL RESERVE BANK
O F N E W YORK
Fiscal Agent of the United States
C irc u la r N o. 7960
S e p te m b e r 23, 1976
RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES
(Notes of Series R-1978)
To All Banking Institutions, and Others Concerned,
in the Second Federal R eserve District:
The following statement was issued September 21 by the
Treasury Department:
The Treasury has accepted $2,503 million of $5,221+ million
of tenders received from the public for the 2-year notes,
Series R-19 78 , auctioned today. The range of accepted competi
tive bids was as follows:
Lowest yield......
Highest yield.....
Average yield.....
1
6.27#1
6.32#
6.30#
{Excepting one tender ot $10,000.
The interest rate on the notes will be 6-1/1+#. At the 6-1/1+#
rate, the above yields result in the following prices:
Low-yield price...... 99*963
High-yield price..... 99*870
Average-yield price... 99*907
The $2,503 million of accepted tenders includes 33# of the
amount of notes bid for at the highest yield and $1+07 million of
noncompetitive tenders accepted at the average yield.
In addition, $68l 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
September 30, 1976 ($326 million), and from Federal Reserve Banks
as agents for foreign and international monetary authorities for
new cash ($355 million).
P aul A. V olcker,
President.
@FedFRASER