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FEDERAL RESERVE OF NEW BANK YORK Fiscal Agent of the United States Circular No. 7975 O c t o b e r 22, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series S-1978) To A ll B anking In stitu tio n s , and O th e rs C oncerned, in the Secon d F ed era l R e s e r v e D istric t: The following statement was issued October 21 by the Treasury Department: The Treasury has accepted $2,502 million of $U,102 million of tenders received from the public for the 2-year notes, Series S-1978, auctioned today. The range of accepted competi tive bids was as follows: Lowest yield...... Highest yield..... Average yield..... 5.88#1 5 -99% 5 .96% H x c e p t i n g t wo t e n d e r s t o t a l i n g $ 2 ,0 6 0 ,0 0 0 . The interest rate on the notes will be 5—7/8%. At the 5—7/8% rate, the above yields result in the following prices: Low-yield price...... 99-991 High-yield price..... 99.787 Average-yield price... 99.81+2 The $2,502 million of accepted tenders includes 9b% of the amount of notes bid for at the highest yield and $239 million of noncompetitive tenders accepted at the average yield. In addition, $Uo8 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 October 31, 1976 ($98 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($310 million). P a u l A. V o l c k e r , President.
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