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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States August 28, 1980 RESULTS OF AUCTION OF 2-YEAR NOTES AND 5-YEAR 2-1/2-MONTH NOTES To A ll B anking Institutions, an d Others Concerned, in the Second F ederal Reserve D istrict: The following statements have been issued by the Treasury Department: Results of Auction of 2-Year Treasury Notes (Notes of Series V-1982) The Departm ent of the Treasury has accepted $4,502 million of $9,999 million of tenders received from the public for the 2-year notes, Series V-1982, auctioned today [August 20 \ The range of accepted competitive bids was as follows: Lowest yield .................. U.18%1 Highest yield...................11.26% Average yield ................. 11.24% Excepting six tenders totaling $1,560,000. The interest rate on the notes will be 11-1/8%. At the 11-1/8% rate, the above yields result in the following prices: Low-yield p ric e ................................... 99.904 High-yield p r ic e ................................. 99.765 Average-yield p ric e ............................ 99.799 The $4,502 million of accepted tenders includes $1,162 million of noncompetitive tenders and $2,635 million of competitive tenders from private investors, including 6 8 % of the amount of notes bid for at the high yield. It also includes $705 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 $4,502 million of tenders accepted in the auction process, $570 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 August 31, 1980. (Over) Results of Auction of 5-Year 2-1/2-Month Treasury Notes (Notes of Series F-1985) The Department of the Treasury has accepted $3,001 million of $7,433 million of tenders received from the public for the 5-year 2 - 1 / 2 -month notes, Series F-1985, auctioned today [August 27 ]. The range of accepted competitive bids was as follows: Lowest yield ...................H.69%1 Highest yield...................11.78% Average y ie ld .................11.76% Excepting two tenders totaling $575,000. The interest rate on the notes will be 11-3/4%. At the 11-3/4% rate, the above yields result in the following prices: Low-yield p ric e ....................................100.103 High-yield p r ic e ................................ 99.759 Average-yield p ric e .......................... 99.835 The $3,001 million of accepted tenders includes $441 million of noncompetitive tenders and $2,560 million of competitive tenders from private investors, including 40% of the amount of notes bid for at the high yield. In addition to the $3,001 million of tenders accepted in the auction process, $65 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. A n t h o n y M. S o lo m o n , President.
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