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FED ER A L RESERVE BANK O F N EW YORK Fiscal Agent of the United States Circular No. 8075 March 24, 1977 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series N-1979) T o A l l B a n k in g I n s t i tu ti o n s , a n d O th e r s C o n c e rn e d , in th 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 following statement was issued March 22 by the Treasury Department: The Treasury has accepted $2,50^ million of $ ^ ,7 8 9 million of tenders received from the public for the 2-year notes, Series N-1979» auctioned today. The range of accepted competitive bids was as follows: Lowest yield..... 5-99 Highest yield.... 6.03$ Average yield.... 6.02$ a/ Excepting three tenders totaling $U ,0 0 5 ,0 0 0 . The interest rate on the notes will be 6$. At the 6$ rate, the above yields result in the following prices: Low-yield price..... 1 0 0 .0 1 9 High-yield price.... 9 9 .9 I+I+ Average-yield price.. 99*963 The $2,50U million of accepted tenders includes $3^8 million of noncompetitive tenders and $2,032 million of competitive tenders (including ^5$ of the amount of notes bid for at the high yield) from private investors. It also includes $125 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, $ 1 ,0 0 3 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 March 31, 1977 ($523 mil lion) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($1+80 million). P a u l A . V olcker, President.
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