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i FEDERAL RESERVE BANK OF NEW YORK ) Fiscal A gent of the United States October 25, 1978 R E S U L T S OF A U C T IO N OF 2 Y E A R T R E A S U R Y N O T E S (Notes of Series U -1980) To AM BawHMg VMgMtMtowg, and Concerned, in ^Ae Second Federal Reaeroe Die^rict* The following statement was issued yesterday by the Treasury Department: The Departm ent of the Treasury has accepted $3,252 million of $4,512 million of tenders received from the public for the 2-year notes, Series U -1980, auctioned today. The range of accepted competitive bids was as follows: Lowest y ie ld .............................8.90%* Highest y i e l d .......................... 8.98% A verage y ie ld .......................... 8.94% *Excepting six tenders totaling $390,000. The interest rate on the notes will be 8%%. A t the 8%% rate, the above yields result in the following prices: Low-yield p r i c e .......................................... 99.955 High-yield price.............................................99.812 Average-yield p r i c e ................................. 99.883 The $3,252 million of accepted tenders includes $526 million of noncompetitive tenders and $2,526 million of competitive tenders from private investors, including 22% of the amount of notes bid for at the high yield. It also includes $200 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 $3,252 million of tenders accepted in the auction process, $203 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 October 3 1 ,1 9 7 8 , and $300 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash.
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