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F E D E R A L R E S E R V E BANK O F N EW YO R K Fiscal Agent of the United States Circular No. 8205 O ctober 20, 1977 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series V-1979) To A ll Banking In stitu tio n s, and O th ers C oncerned, in the Second F ederal R eserve D istric t: The following statement was issued October 18 by the Treasury Department: The Department of the Treasury has accepted $3,500 million of $6,227 million of tenders received from the public for the 2-year notes, Series V-1979, auctioned today. The range of accepted competitive bids was as follows: l Lowest yield........7.20$ Highest yield.......7.29$ Average yield.......7.27$ ^ Excepting six tenders totaling $95,000. The interest rate on the notes will be 7-1 A $ . At the 7-1 A $ rate, the above yields result in the following prices: Low-yield price.....100.092 High-yield price.... 99*927 Average-yield price.. 99*963 The $3,500 million of accepted tenders includes $553 million of noncompetitive tenders and $2,7^7 million of competitive tenders (including 60 $ of the amount of notes bid for at the high yield) from private investors. It also includes $200 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, $8l8 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 October 31, 1977 ($218 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($600 million). P aul A. V olcker, President.
@FedFRASER