Full text of Federal Reserve Bank of New York Circulars : Results of Auction of 2-Year Notes

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Department

ofthe TREASURY
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Auction date:

t-dA ^

February 24, 1981

RESULTS OF AUCTION OF 2-YEAR NOTES
The Department of the Treasury has accepted $4,754
million of
$9,819
million of tenders received from the public for the 2-year
notes, Series N-1983, auctioned today. The notes will be issued
March 2, 1981 and mature February 28, 1983.
The interest coupon rate on the notes will be 13-7/8%. The range
of accepted canpetitive bids, and the corresponding prices at the 13-7/8%
coupon rate are as follows:

Lowest yield
Highest yield
Average yield

Bids
13.94% 1/
14.00% '
13.97%

Prices
99.789
99.839

Tenders at the high yield were allotted 21?
TENDERS RECEIVED AND ACCEPTED (In Thousands)
Location
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Totals

Received
$ 'TEZ7333
7,983,230
38,110
235,420
106,895
124,095
472,405
118,580
80,835
87,730
76,705
388,025
4,090

Accepted
$ — 63,275
3,557,525
36,110
202,470
71,365
118,465
226,385
103,605
66,515
84,230
70,755
148,830
4,090

$9,818,555

$4,753,620

The $4,754
million of accepted tenders includes $1,067
million
of noncompetitive tenders and $3,303
million of canpetitive tenders
from private investors. It also includes $384
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 to the $4,754
million of tenders accepted in the
auction process, $426
million of tenders were accepted at the average
price frcm Government accounts and Federal Reserve Banks for their own
account in exchange for maturing securities, and $186
million of
tenders were accepted at the average price frcm Federal Reserve Banks as
agents for foreign and international monetary authorities for new cash.
1/ Excepting 2 tenders totaling $215,000.
Federal Reserve Bank of New York
[Ref. Cir. No. 9018]



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