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/f-f FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States June 27, 1980 RESULTS OF AUCTION OF 2-YEAR NOTES AND 4-YEAR NOTES To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statements have been issued by the Treasury Department: R esults o f A u ction o f 2-Y ear T reasu ry N otes (N otes o f S eries T -1982) The D e p a rtm e n t of th e T re a su ry has accepted $4,255 million of $9,200 million of tenders received from the public for th e 2-year notes, S eries T-1982, auctioned today [June 19]. The range of accepted com petitive bids was as follows: Lowest yield ......................... 8.55% H ighest y ie ld ......................... 8.65% A verage y i e l d ........................8.63% The in te re st ra te on th e notes will be 8%%. A t the 8%% rate, the above yields resu lt in the following prices: Low-yield p r ic e .......................................100.135 H igh-yield p r i c e ..................................... 99.955 A verage-yield p r ic e .............................. 99.991 The $4,255 million of accepted ten d ers includes $577 m illion of noncom petitive ten d ers and $2,374 m illion of com petitive ten d ers from p riv ate investors, including 32% of th e am ount of the notes bid for at the high yield. It also includes $1,304 m illion of ten d ers a t the averag e price from F ed eral Reserve Banks as agents for foreign and in tern atio n al m onetary au th o rities in exchange for m a tu rin g securities. In addition to the $4,255 m illion of ten d ers accepted in the auction process, $700 m illion of ten d ers w ere accepted a t the av erag e p rice from G overnm ent accounts and F ed eral R eserve B anks for th e ir own account in exchange for m a tu rin g securities, and $214 m illion of ten d ers w ere accepted a t the average price from F e d e ra l R eserve B anks as agents for foreign and in tern atio n al m onetary auth o rities for new cash. (Over) Results of Auction of 4-Year Treasury Notes (Notes of Series E-1984) The D e p a rtm e n t of the T re a su ry has accepted $3,203 m illion of $6,546 m illion of ten d ers received from th e public for th e 4-year notes, S eries E-1984, auctioned today [June 2J*\ The range of accepted com petitive bids w as as follows: Lowest yield ..........................8.94% H ighest y ie ld ..........................9.01% A verage y i e l d ........................8.99% The in te re st ra te on th e notes will be 8%%. A t the 8%% rate, th e above yields re su lt in the following prices: Low-yield p r i c e ...................................... 99.785 H igh-yield p r i c e .................................. 99.555 A verage-yield p r i c e ............................ 99.621 The $3,203 m illion of accepted te n d ers includes $493 m illion of noncom petitive ten d ers and $2,440 m illion of com petitive ten d ers from p riv a te investors, including 81% of the am ount of notes bid for at the high yield. It also includes $270 m illion of ten d ers at the average price from F ed eral Reserve B anks for foreign and in tern atio n al m onetary au th o rities in exchange for m a tu rin g securities. In addition to the $3,203 m illion of ten d ers accepted in th e auction process, $505 m illion of ten d ers w ere accepted a t the averag e price from G overnm ent accounts and F ed eral Reserve B anks for th e ir own account in exchange for secu rities m a tu rin g Ju n e 30, 1980. A nthony M. Solom on, President.
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