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FED ER A L R ESER VE BANK O F N EW YORK Fiscal Agent of the United States P Circular No 8108"1 9, 1977 J L May RESULTS OF TREASURY’S MAY QUARTERLY FINANCING To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued May 4 by the Treasury Department: Through the sale of the two issues offered in the May financing, the Treasury paid down approximately $0.4 billion of the $7.9 billion of securities maturing May 15, 1977. The following table summarizes the results: M aturing Securities H eld New O fferings N et P ay-D ow n 7- / /4°'„ A-j/4-Year Notes (Series A-IQS4) 7-5 /*% 2V-j/4- Year Bonds (Bonds o f 20(12-2007) Nonmarketable Special Issues Total $2.8 $1.0 — $3.8 $4.3 Government accounts and Federal Reserve Banks 2.6 0.9 $0.1 3.6 3.6 Foreign accounts (for cash) Q.l — — 0.1 — (0.1) $5.5 $1.9 $0.1 $7.5 $7.9 $0.4 1 Public Total 1 $0.5 — 1Details may not add to total due to rounding. In addition, the Treasury has released the following detailed results for each offering: RESULTS OF AUCTION OF 6%-YEAR TREASURY NOTES (Notes of Series A-1984) The Treasury has accepted $2,750 million of the $6,001 million of tenders received from the public for the 6-3/4year 7-1/4% notes, Series A-1984, auctioned today [ M a y 3 \ The range of accepted competitive bids was as follows: P rice H ig h ........................................................... 100.00 Low ........................................................... 99.76 Average....................................................... 99.81 A p p ro x , y ie ld 7.24% 7.29% 7.28% (Over) The $2,750 million of accepted tenders includes $879 million of noncompetitive tenders and $1,871 million of competitive tenders (including 67% of the amount of notes bid for at the low price) from private investors. In addition, $2,723 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 May 15, 1977 ($2,623 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($100 million). RESULTS OF AUCTION OF 293/4-YEAR TREASURY BONDS (Bonds of 2002-2007) The Department of the Treasury has accepted $1,000 million of the $2,673 million of tenders received from the public for the 29-3/4-year 7-5/8% bonds of 2002-2007, auctioned today [M a y 4\. The range of accepted competitive bids was as follows: P ric e High . . Low . . . Average 98.541 98.13 98.25 A p p r o x , y ie ld A p p r o x , y ie ld to f i r s t c a lla b le d a te to m a tu r ity 7.76% 7.79% 7.78% 7.75% 7.78% 7.77% The $1,000 million of accepted tenders includes $127 million of noncompetitive tenders and $873 million of competitive tenders (including 31% of the amount of bonds bid for at the low price) from private investors. In addition, $900 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 May 15, 1977. 1Excepting two tenders totaling $9,(XX). PAUL A. VOLCKER, P re s id e n t.
@FedFRASER