Full text of Federal Reserve Bank of New York Circulars : 8247. Results of Auction of 2-Year Notes and 15-Year 1-Month Bonds

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FED ER A L RESER VE BANK
O F NEW YORK
Fiscal Agent of the United States

Circular N o. 8247
Decem ber 29, 1977
RESULTS OF AUCTION OF 2-YEAR NOTES AND 15-YEAR 1-MONTH BONDS

To A ll Bunking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:
The following statements were issued by the Treasury
Departmenc:
RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES
(Notes o f Series X-1979)

The Department of the Treasury has accepted $3,000 million of
$U,213 million of tenders received from the public for the 2-year
notes, Series X-1979, auctioned today [December 21, 1977]. The
range of accepted competitive bids was as follows:
Lowest yield.... 7 .l6$-1.
Highest yield... 7 .2 3 %
Average yield... 7*20#
^

Excepting three tenders totaling $ 1 ,0 6 5 ,0 0 0 .

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.... 99-936
High-yield price... 99*808
Average-yield price..99•863
The $ 3 ,0 0 0 million of accepted tenders includes $1+57 million of
noncompetitive tenders and $2,L.68 million of competitive tenders
(including 72$ of the amount of notes bid for at the high yield) from
private investors. It also includes $75 million of tenders at the
average price from F’ederal Reserve Banks as agents for foreign and
international monetary authorities in exchange for maturing
securities.
In addition, $888 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 December 31, 1977 ($328 mil­
lion) and from Federal Reserve Banks as agents for foreign and inter­
national monetary authorities for new cash ($560 million).




(Over)

RESULTS OF AUCTION OF 15-YEAR 1-MONTH TREASURY BONDS
(Bonds of 1993)

Hie Department of the Treasury has accepted $1,500 million of
$2,966 million of tenders received from the public for the 15-year
1-month bonds auctioned today [December 27, 1977]* The range of
accepted competitive bids was as follows:
Lowest yield.... 7*92$^
Highest yield... 7*96%
Average yield... 7*95%
F .x c e p t in g

fiv e

ten d ers

t o t a lin g

$ 6 3 ,0 0 0 .

The interest rate on the bonds will be 7-7/8$. At the 7-7/8$
rate, the above yields result in the following prices:
Low-yield price.... 99*575
High-yield price... 99*228
Average-yield price..99 *315
The $1,500 million of accepted tenders includes $78 million of
noncompetitive tenders and $1,U23 million of competitive tenders
(including 67$ of the amount of bonds bid for at the high yield).




P

aul

A.

Y ' o l c k f .r ,

President.