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FED ER A L RESERVE BANK O F NEW YORK Fiscal A gent of the U nited States F ircular No. 8096 April 21, 1977 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series P-1979) To A ll Banking Institutions, and Others Concerned, in the Second F ed eral R eserve D istrict: The following statement was issued April 19 by the Treasury Department: The Treasury has accepted $1,1+71 million of $2,828 million of tenders received from the public for the 2-year notes, Series P-19795 auctioned today. The range of accepted competitive bids was as follows: Lowest yield..... 5.8*+# Highest yield.... 5.89# Average yield.... 5*87# 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..... 100.065 High-yield price.... 99*972 Average-yield price..100.009 The $1,*+71 million of accepted tenders includes $221 million of noncompetitive tenders and $1,185 million of competitive tenders (including 69 # of the amount of notes bid for at the high yield) from private investors. It also includes $65 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, $510 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 April 30, 1977 ($110 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($*+00 million). P aul A. V olcker, President.
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