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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States m t//f fio F e b r u a r y 27, 1980 R E SU L T S OF A U C T IO N OF 2-Y E A R NO TES A N D 5-Y E A R 2-1/2-M O N T H N O T E S T o A ll B a n k in g I n s titu tio n s , a n d O th e r s C o n c e r n e d , in th 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 : T he fo llow ing s ta te m e n ts h av e been issued by th e T re a s u ry D e p a rtm e n t: R esults of A uction of 2-Y ear T reasu ry Notes (N otes of Series P-1982) The Departm ent of the Treasury has accepted $4,005 million of $8,644 million of tenders received from the public for the 2 -year notes, Series P-1982, auctioned today [February 20 ]. The range of accepted competitive bids was as follows: Lowest yield ..................... 13.91961 Highest y ield ................... 14.00% Average y ie ld ................. 13.98% •Excepting two tenders totaling $10,000. The interest rate on the notes will be 13-7/8%. At the 13-7/8% rate, the above yields result in the following prices: Low-yield p ric e .................................... 99.941 High-yield p r ic e ................................... 99.788 Average-yield p r ic e ............................. 99.822 The $4,005 million of accepted tenders includes $904 million of noncompetitive tenders and $2,756 million of competitive tenders from private investors, including 52% of the amount of notes bid for at the high yield. It also includes $345 million of tenders at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities in exchange for m aturing securities. In addition to the $4,005 million of tenders accepted in the auction process, $399 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities m aturing F ebruary 29, 1980. (Over) Results of Auction of 5-Year 2-1/2-Month Treasury Notes (Notes of Series D-1985) The D epartm ent of the Treasury has accepted $2,500 million of $4,824 million of tenders received from the public for the 5-year 2-1/2-month notes, Series D-1985, auctioned today [February 26]. The range of accepted competitive bids was as follows: Lowest yield ..................... M.20 %1 Highest y ield ..................... 14.50% Average yield ....................14.39% Excepting five tenders totaling $417,000. The interest rate on the notes will be 14-3/8%. At the 14-3/8% rate, the above yields result in the following prices: Low-yield p r ic e ................................... 100.443 High-yield p r i c e ................................... 99.365 Average-yield p r ic e ............................. 99.758 The $2,500 million of accepted tenders includes $253 million of noncompetitive tenders and $2,247 million of competitive tenders from private investors, including 45% of the amount of notes bid for at the high yield. In addition to the $2,500 million of tenders accepted in the auction process, $200 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetry authorities for new cash. T h o m a s M. T im l e n , First Vice President.
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