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February 1 8, 1977 NOTICE The CUSIP number for the 2-year T reasury Notes d a t e d F e b r u a r y 28 , 1977* C i r c u l a r No. d a t e d F e b r u a r y 11 , number 8051, for these notes is a n d t o m a t u r e F e b r u a r y 28, 1977, 1979* is i n c o r r e c t . of Series M-1979, as it The appears correct in CUSIP 912827 GM8 . Securities Federal Division Reserve Bank of New York FED ER A L RESERVE BANK O F N EW YORK Fiscal Agent of the United States C ircular N o. 8056 February 18, 1977 RESULTS OF AUCTION OF 2 -YEAR TREASURY NOTES ( N o t e s o f S e r i e s M -1979) T o A ll B a n k in g I n s titu tio n s , a n d O th e r s C o n cern ed , in t h e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : The Treasury fo llo w in g s t a t e m e n t was issu ed yesterd ay by the D epartm ent: T h e T r e a s u r y has of tenders received a c c e p t e d $2,50*+ m i l l i o n from the public S e r i e s M - 1 9 7 9 j a u c t i o n e d today. t i v e b i d s w a s as f o l l o w s : The range o f $ 6 ,*+6 l m i l l i o n 2-year for the notes, of a c c e p t e d competi L o w e s t y i e l d ...... 5 - 9 5 # H i g h e s t y i e l d .... 5 . 9 9 # The rate, interest the Average y i e l d .... 5 * 9 8 # rate the above yields on result notes wi l l be in t h e 5-7/8#. At the 5-7/8# f o l l o w i n g prices: L o w - y i e l d p r i c e ...... 9 9 - 8 6 1 H i g h - y i e l d p r i c e ..... 9 9 * 7 8 6 A v e r a g e - y i e l d p r i c e ..99•805 The $2,50*1 m i l l i o n of ac c e p t e d tenders includes $*+33 m i l l i o n noncompetitive tenders and $ 1 , 9 2 1 mi l l i o n of competitive tenders ( i n c l u d i n g 1 5 # o f t h e a m o u n t o f n o t e s b i d f o r at t h e h i g h y i e l d ) private investors. average price It $150 million authorities as agents in e x c h a n g e of tenders for foreign for m a t u r i n g from at t he and securities. I n a d d i t i o n , $ 3 2 5 m i l l i o n o f t e n d e r s w e r e a c c e p t e d at t h e a v e r a g e f r o m G o v e r n m e n t accou nt s and F e d e r a l R e s e r v e Banks for t h e i r own account lion) includes from Federal Reserve Banks international monetary price also of in e x c h a n g e fo r securities maturing February 28, 1977 a n d f r o m F e d e r a l R e s e r v e B a n k s as a g e n t s f o r f o r e i g n international monetary authorities for new cash ($175 ($150 m i l and million). P aul A. V olcker, President.