The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R ESER VE BANK O F N E W YORK Fiscal A gent of the United States Circular No. 8325 April 21, 1978 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series N-198Q) T o A ll B ankin g I n s titu tio n s , an d O th e rs C o n c e r n e d , in the S eco n d F e d e ra l R e s e r v e D i s t r i c t : The following statement was issued April 19 by the Treasury Department: The Department of the Treasury has accepted $2,175 million of $5,272 million of tenders received from the public for the 2-year notes, Series N-1980, auctioned today. The range of accepted com petitive bids was as follows: Lowest yield..... 7 .75 °£kJ Highest yield.... J.82% Average yield.... J.80% Excepting eight tenders totaling $1 ,965,000. The interest rate on the notes will be T-3/k%. At the 7 - 3 A # rate, the above yields result in the following prices: Low-yield price._....100.000 High-yield price.... 99*873 Average-yield price.. 99*909 The $2,175 million of accepted tenders includes $ A U million of noncompetitive tenders and $1,716 million of competitive tenders (including 77% of the amount of notes bid for at the high yield) from private investors. It also includes $15 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, $983 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities maturing April 30, 1978 ($^28 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash.($555 million). P aul A. V olcker, President.
@FedFRASER