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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States August 24, 1978 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series S-1980) 7o A // Banking an<7 Ofbers Concerned, zn 5econ6? Fecfera/ Reserve Dzstrzct.' The following statement was issued yesterday by the Treasury Department: The Department of the Treasury has accepted $3,002 million of $6,129 million of tenders received from the public for the 2-year notes, Series S-1980, auctioned today. The range of accepted competitive bids was as follows: Lowest yield. Highest yield Average yield 8.37% 8 .3 9 % 8 .3 8 % Excepting two tenders totaling $55,000. The interest rate on the notes will be 8-3/8%. At the 8-3/8% rate, the above yields result in the following prices: Low-yield price.... High-yield price... Average-yield price 100.009 99.973 99.991 The $3,002 million of accepted tenders includes $600 million of noncompetitive tenders and $2,032 million of competitive tenders from private investors, including 8 9 % of the amount of notes bid for at the high yield. It also includes $370 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 $3,002 million of tenders accepted in the auction process, $200 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 August 31, 1978, and $ 28 9 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. PAUL A. VOLCKER, P r e s id e d .
@FedFRASER