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FEDERAL
OF
RESERVE
NEW
BANK
YORK
Fiscal Agent of the United States
I"C ircular No. 7987*1
[.November 9, 197bJ
RESULTS OF TREASURY’S NOVEMBER REFINANCING
To A ll Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:
T h e follow ing s t a t e m e n t was issued N o v e m b e r 5 by th e T r e a s u r y D e p a r t m e n t :
Through the sale of the three issues offered in the November refinancing, the Treasury raised approximately
$2,500 million of new money and refunded $4,300 million of securities maturing November 15, 197b. The following
table summarizes the results:
New Issues
6-1/4%
.1-Year Notes
(Series K-1979)
Public
$3.0
7%
7- Year Notes
(Series IF CISJ)
$2 . 0
Non
marketable
7- 7
Special
2.1-1 / 4-Year Bonds
Issue
(Bonds o f 1995-2000)
Maturing
Securities
Held
Net New
Money
Raised
Total
$1 .0
—
$6 . 0
$4.0
$2 . 0
$0 . 2
0.3
0.3
—
Government accounts and
Federal Reserve Banks
0 .1
0 .1
—
Foreign accounts (for cash)
0.3
0 .2
—
—
0.5
—
0.5
$1.0
$0 . 2
$6 . 8
$4.3
$2.5
$3.4
Total 1
$2.3
'Details may not add to total due to rounding.
In a d d itio n , the T r e a s u r y has released the following d e ta ile d re su lts for e a c h offering:
RESULTS OF AUCTION OF 3-YEAR TREASURY NOTES
(Notes of Series K-1979)
The Treasury has accepted $3,001 million of the $5,386 million of tenders received from the public for the 3-year
notes. Series K-1979, auctioned today {November ,?|. The range of accepted competitive bids was as follows:
Lowest yield..............................
Highest yield ..............................
Average yield .............................
6.32% 1
6.37%
6.36%
The interest rate on the notes will be 6-1/4%. At the 6-1/4% rate, the above yields result in the following prices:
Low-yield price ........................... 99.81 I
High-yield price ......................... 99.677
Average-yield price ................... 96.704
The $3,001 million of accepted tenders includes 51% of the amount of notes bid for at the highest yield and $563
million of noncompetitive tenders accepted at the average yield.
'Excepting one tender of $1,005,(XX).
(Over)
In addition, $353 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 November 15, 1976 ($70 million) and
from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($283 million).
RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES
(Notes of Series B-1983)
The Treasury has accepted $2,015 million of $6,249 million of tenders received from the public for the 7-year
notes, Series B-1983, auctioned today {November 4). The range of accepted competitive bids was as follows:
Lowest yield.............................................. 7.00% 1
Highest yield............................................ 7.02%
Average yield............................................ 7.02%
The interest rate on the notes will be 7%. At the 7% rate, the above yields result in the following prices:
Low-yield p rice........................................ 100.000
High-yield price ...................................... 99.891
Average-yield price.................................. 99.891
The $2,015 million of accepted tenders includes 70% of the amount of notes bid for at the highest yield and $891
million of noncompetitive tenders accepted at the average yield.
In addition, $270 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 November 15, 1976 ($50 million) and
from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($220 million).
*Excepting five tenders totaling $1,000,000.
RESULTS OF AUCTION OF 23-1/4-YEAR TREASURY BONDS
(Bonds of 1995-2000)
The Treasury has accepted $1,000 million of the $1,544 million of tenders received from the public for the 23-174year 7-7/8% bonds auctioned today [November 5]. The range of accepted competitive bids was as follows:
Priee
High .............................
Low ...............................
Average.........................
101.051
100.58
100.79
A pprox. yield
to first callable date
A pprox. yield
to maturity
7.76%
7.81%
7.79%
7.77%
7.82%
7.80%
The $1,000 million of accepted tenders includes 30% of the amount of bonds bid for at the low price, and $150
million of noncompetitive tenders accepted at the average price.
1Excepting four tenders totaling $6,160,000.
PA U L A. VOLCKER,
President.
@FedFRASER