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F E D E R A L R E S E R V E BANK O F NEW YO R K Fiscal Agent of the United States Circular No. 8139 June 2 9, 1977 RESULTS OF AUCTION OF 15-YEAR 1-MONTH TREASURY BONDS To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued yesterday by the Treasury Department: The T r e a s u r y h a s a c c e p t e d $ 1 ,5 0 1 m i l l i o n o f $ 3 ,6 9 6 m i l l i o n o f t e n d e r s r e c e i v e d fro m t h e p u b l i c f o r t h e 15 —y e a r 1—m onth b o n d s a u c tio n e d to d a y . The r a n g e o f a c c e p t e d c o m p e t i t i v e b i d s was as fo llo w s : L o w est y i e l d ............7*27%H ig h e s t y i e l d ......... 7.30% A v e r a g e y i e l d ......... 7*29% ^ E x c e p t i n g t h r e e t e n d e r s t o t a l i n g $ 5 ,0 0 0 . The i n t e r e s t r a t e on t h e b o n d s w i l l b e 7 - 1 A%. A t t h e 7 - 1 r a t e , th e above y i e l d s r e s u l t in th e f o llo w in g p r i c e s : A% L o w - y i e l d p r i c e ............9 9 *7 9 2 H i g h - y i e l d p r i c e ......... 9 9 *5 2 0 A v e r a g e -y ie ld p r i c e ..9 9 * 6 l l The $ 1 ,5 0 1 m i l l i o n o f a c c e p t e d t e n d e r s i n c l u d e s $375 m i l l i o n n o n c o m p e t i t i v e t e n d e r s and $ 1,1 2 6 m i l l i o n o f c o m p e t i t i v e t e n d e r s ( i n c l u d i n g 13% o f t h e amount o f b o n d s b i d f o r a t t h e h ig h y i e l d ) fro m p r i v a t e i n v e s t o r s . P a ul A. V olcker , President. of