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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

C ircu la r N o.

8156

A u gu st 8, 1977

R E S U L T S O F T R E A S U R Y ’ S A U G U S T Q U A R T E R L Y F IN A N C IN G
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following statement was issued August 4 by the Treasury Departm ent:
Through the sale o f the three issues offered in the August financing, the Treasury raised approximately $4.0
billion o f new money and refunded $4.9 billion of securities maturing August 15, 1977. The following table summarizes the results:
M aturing

Non7-5/8%
marketable
7-1/4%
29-1 /2-Year Bonds
Special
7-Year Notes
Issue
(Series B-1984) (Bonds of 2002-2007)

6-3/4%
3-Year Notes
(Series H-1980)

M o n ey

H eld

N ew Issu es

N et N ew

Securities

R aised

Total

$3.0

$2.3

$1.0

—

$6.3

$3.3

$3.0

Government accounts and
Federal Reserve Banks

0.4

0.3

0.2

$0.7

1.6

1.6

—

Foreign accounts (for cash)

0.7

0.3

—

—

0.9

—

0.9

$4.1

$2.8

$1.2

$0.7

$8.8

$4.9

$3.9

Public

T ota l’

'D e t a ils m ay not a d d to tota l d u e to r o u n d in g .

In addition, the Treasury has released the following detailed results for each offering:
RESULTS OF AUCTION OF 3-YEAR TREASURY NOTES

(Notes of Series H-1980)
The Department of the Treasury has accepted $3,011 million of $7,929 million o f tenders received from the
public for the 3-year notes, Series H-1980, auctioned today [August 2\ The range of accepted competitive bids was
as follows:
Lowest yield.................................... 6.78%'
Highest y ie ld .................................. 6.85%
Average yield.................................. 6.84%
The interest rate on the notes will be 6-3/4%. At the 6-3/4% rate, the above yields result in the following prices:
Low-yield p r ic e .............................. 99.920
High-yield price.............................. 99.733
Average-yield p rice ........................ 99.760
The $3,011 million o f accepted tenders includes $684 million of noncompetitive tenders and $2,200 million of
competitive tenders (including 40% o f the amount of notes bid for at the high yield) from private investors. It also
includes $127 million of tenders at the average price from Federal Reserve Banks as agents for foreign and inter­
national monetary authorities in exchange for maturing securities.1
1 E x ce p tin g fo u r tend ers tota lin g $ 3 4 5 ,0 0 0 .




(Over)

In addition, $1,083 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 August 15, 1977 ($425 million) and from
Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($658 million).

RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES
(Notes of Series B-1984)

The Department o f the Treasury has accepted $2,251 million of $4,989 million o f tenders received from the
public for the 7-year notes, Series B-1984, auctioned today [August 3\ The range o f accepted competitive bids was
as follows:

Lowest y ield.................................. 7.24% '
Highest y ie ld ................................ 7.27%
Average y ield................................ 7.26%
The interest rate on the notes will be 7-1/4%. At the 7-1/4% rate, the above yields result in the following prices:
Low-yield p r ic e ............................ 100.054
High-yield price............................... 99.892
Average-yield p rice ......................... 99.946
The $2,251 million o f accepted tenders includes $839 million of noncompetitive tenders and $1,412 million of
competitive tenders (including 85% o f the amount of notes bid for at the high yield) from private investors.
In addition, $560 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 August 15, 1977 ($300 million) and from
Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($260 million).
'E x c e p t in g tw o tend ers tota lin g $ 2 7 6 ,0 0 0 .

RESULTS OF AUCTION OF 29-1/2-YEAR TREASURY BONDS

(Bonds of 2002-2007)
The Department of the Treasury has accepted $1,000 million of the $2,140 million of tenders received from the
public for the 29-1/2-year 7-5/8% bonds of 2002-2007, auctioned today (.August 4]. The range of accepted competitive
bids was as follows:
Price

H ig h ............................................... 99.101
L ow ................................................. 98.80
Average ......................................... 98.94

Approx, yield
to first callable date

7.71%
7.73%
7.72%

Approx, yield
to maturity<

7.70%
7.73%
7.72%

The $1,000 million o f accepted tenders includes $131 million o f noncompetitive tenders and $869 million of
competitive tenders (including 91% o f the amount of bonds bid for at the low price) from private investors.
In addition, $199 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 August 15, 1977.
'E x c e p t i n g three ten d ers to ta lin g $ 2 ,0 2 5 ,0 0 0 .




PAUL A. VOLCKER,
President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102