View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FE D E R A L R ESER VE BANK
O F N E W YORK
F iscal A gen t of the U nited S tates

C ircular No. 8018
December 21, 1976

RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES
(Notes of Series U-1978)

To A ll B anking In stitu tio n s, and O thers Concerned,
in the Second F ederal R e se rv e D istrict:

The following statement was issued December 20 by the
Treasury Department:
The Treasury has accepted $3,012 million of $6,59^ million
of tenders received from the public for the 2-year notes,
Series U-1978, auctioned today. The range of accepted competiĀ­
tive bids was as follows:
Lowest yield..... 5-29#
Highest yield.... 5*38$
Average yield.... 5.37/5

The interest rate on the notes will be 5-l/UjC. At the 5 - l / h %
rate, the above yields result in the following prices:
Low-yield price.....99-925
High-yield price....99-757
Average-yield price..99.775
The $3,012 million of accepted tenders includes $367 million of
noncompetitive tenders and $2,U*5 million of competitive tenders
(including 6l% of the amount of notes bid for at the high yield)
from private investors. It also includes $200 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, $362 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 December 31, 1976
($252 million), and from Federal Reserve Banks as agents for foreign
and international monetary authorities for new cash ($110 million).




P

aul

A.

V

olcker,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102