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FED ER AL RESERVE BANK O F N EW YORK Fiscal Agent of the United States Circular No. 8038 January 21, 1977J RESULTS OF AUCTION OF 2-Y E A R TREASURY NOTES (N o te s o f S e r ie s L -1 9 7 9 ) To A ll Banking In stitu tion s, and O thers Concerned, in the Second F ederal R eserve D istrict: The T rea su ry fo llo w in g s ta te m e n t w as is s u e d January 19 b y th e D ep a r tm e n t: The Treasury has accepted $2,50U million of $5,523 million of tenders received from the public for the 2-year notes, Series L-1979, auctioned today. The range of accepted competi tive bids was as follows: Lowest yield..... 5*9^$ Highest yield.... 5-99# Average yield....5*97$ 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*880 High-yield price.... 99*787 Average-yield price..99•82U The $2,50U million of accepted tenders includes $371 million of noncompetitive tenders and $2,133 million of competitive tenders (including 80$ of the amount of notes bid for at the high yield) from private investors. In addition, $335 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. P aul A. V olcker , President.
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