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FED ER A L RESER VE BANK O F N E W YORK Fiscal Agent of the United States Circular No. 7995 November 19, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series T-1978) To A ll B an kin g In stitu tion s, and O thers C oncerned, m the Seco n d F e d e ra l R e s e r v e D istrict: The following statement was issued November 18 by the Treasury Department: The Treasury has accepted $2,501 million of $3»T86 million of tenders received from the public for the 2-year notes, Series T-1978, auctioned today. The range of accepted competi tive bids vas as follows: Lowest yield..... 5-76% Highest yield.... 5*9^$ Average yield.... 5.86% The interest rate on the notes will be 5-3/1$* At the 5-3/1$ rate, the above yields result in the following prices: Low-yield price..... 99*981 High-yield price.... 99*617 Average-yield price.-99*795 The $2,501 million of accepted tenders includes $318 million of noncompetitive tenders and $2,ll8 million of competitive tenders (including 2l$ of the amount of notes bid for at the high-yield) from private investors. It also includes $35 million of tenders at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities in exchange for maturing securities. In addition, $126 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities maturing November 30, 1976 ($136 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ( $ 2 9 0 million). P A U L A. V O L C K E R , P re sid e n t. A
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