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FEDERAL RESERVE BANK O F NEW YORK Fiscal Agent of the United States Circular No. 8306 March 29, 1978 R ES U LT S O F AUCTIONS O F 2-YEA R AND 5-YEAR 1-MONTH T R EA S U R Y N O TES T o A ll B an kin g In stitu tio n s, a n d O th ers C on cern ed, in t h e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : The following statements have been issued by the Treasury Department in connection with two recent auctions: R ES U LTS OF AUC TIO N O F 2 -Y EA R N O T ES (Notes of Series M-1980) The Department of the Treas u r y has $6,132 m i l l i o n of tenders notes, Series M-1980, accepted $3,00U mi l l i o n of received from the public auctioned today accepted competitive bids was as for the 2-year [Mar c h 22]. The range of follows: L o w e s t y i e l d ...... 7 * 5 0 % y H i g h e s t y i e l d .....7 * 5 7 % A v e r a g e y i e l d .....7 * 5 6 % — Excepting three tenders The rate, interest the t o t a l i n g $20,000. rate on the notes will be above yields result in the 7-1/2$. At the 7-1/2$ following prices: L o w - y i e l d p r i c e ...... 1 0 0 . 0 0 0 H i g h - y i e l d p r i c e ..... 9 9 * 8 7 2 A v e r a g e - y i e l d price.. The $3,00U m i l lion of accepted tenders noncompetitive tenders a n d $2,1^-7 m i l l i o n (including 70$ of the amount private 99*891 investors. average price It of notes b i d also includes In a d d i t i o n , $682 m i l l i o n of tenders f o r at t h e h i g h y i e l d ) $175 m i l l i o n from Federal Reserve Banks international monetary authorities includes of competitive as agents in e x c h a n g e $972 m i l l i o n of tenders were of tenders for foreign for m a t u r i n g from at th e and securities. a c c e p t e d at t h e average price fro m Government accounts and F e deral Reserve Banks for their own a c c o u n t i n e x c h a n g e f o r s e c u r i t i e s m a t u r i n g M a r c h 31, 1 9 7 8 ($312 m i l lion) and from Federal Reserve national monetary authorities Banks as agents for new cash for foreign and inter ($660 m i l l i o n ) . (Over) Since the be coupon rate on these notes wil l be 7-1/2#, considered an additional issue of the 7- 1 / 2 # notes The Treasury circular governing the notes will be M a r c h 31, 1978, to provide for the the notes will of Series amended, C - I 98 O. effective consolidation. R ES U LT S O F A UC TIO N O F 5 -YEA R 1-MONTH N O T ES (Notes of Series C-1983) The Department of the T r e a s u r y has a c c e p t e d $2,505 m i l l i o n of $ 5 , 5 8 6 m i l l i o n o f tenders r e c e i v e d from the public for the 5-year 1 - m o n t h n o t e s , S e r i e s C - 1 9 8 3 , a u c t i o n e d t o d a y [March 28]. The range of accepted competitive bids was as follows: L o w e s t y i e l d ...... 7 * 9 3 # — ^ H i g h e s t y i e l d ..... 7 - 9 5 # A v e r a g e y i e l d ..... 7*9^-# l/Excepting The rate, four tenders interest rate the above yields totaling $162,000. on the notes w i l l be result in the 7-7/8#. At the 7-7/8# following prices: L o w - y i e l d p r i c e ...... 9 9 * 7 ^ 0 H i g h - y i e l d p r i c e ..... 9 9 * 6 5 7 A v e r a g e - y i e l d p r i c e . . 9 9 •698 The $2,505 million of accepted tenders includes $378 million n o n c o m p e t i t i v e t e nders and $2,127 m i l l i o n of com p e t i t i v e tenders ( i n c l u d i n g 67 # o f t h e a m o u n t private $50 m i l l i o n of tenders we r e from Federal Reserve Banks monetary authorities f o r at t h e h i g h y i e l d ) from investors. In addition, price of notes b i d of as a g e n t s a c c e p t e d at t h e a v e r a g e for f o reign and interna t i o n a l f o r n e w cash. P aul A. V olcker, President.
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