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FED ER A L RESER VE BANK O F N EW YORK Fiscal Agent of the U nited States Circular N o. 8224 November 2 5 , 1977 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series W-1979) To A ll Banking Institutions, and Others Concerned, in the Second Federal R eserv e D istrict: The following statement was issued November 22 by the Treasury Department: The Department of the Treasury has accepted $3,769 million of $8,700 million of tenders received from the public for the 2-year notes, Series W-1979> auctioned today. The range of accepted competitive bids was as follows: Lowest yield..... 7*12$^ Highest yield.... 1 .lh% Average yield.... 7.13# Excepting four tenders totaling $95,000. The interest rate on the notes will be 7-1/8$. At the 7-1/8$ rate, the above yields result in the following prices: Low-yield price..... 100.009 High-yield price.... 99*972 Average-yield price.. 99*991 The $3,769 million of accepted tenders includes $697 million of noncompetitive tenders and $2,872 million of competitive tenders (including 53$ 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, $999 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 November 30, 1977 ($112 mil lion) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ( $ 8 8 7 million). Paul A. V olcker, President.
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