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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States January 25, 1979 RESULTS OF AUCTION OF 2-YEAR TREASU RY NOTES (Notes of Series P-1981) To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserre District: The following statement was issued by the Treasury Department: The Department of the Treasury has accepted $2,701 million of $4,044 million of tenders received from the public for the 2-year notes, Series P-1981, auctioned today [January 2d]. The range of accepted competitive bids was as follows: Lowest y ie ld .........................9.82%' Highest y i e ld ..................... 9.87% Average y ield ..................... 9.85% ’ Excepting one tender of $5,000. The interest rate on the notes will be 93/4%. At the 93/4% rate, the above yields result in the following prices: Low-yield p r i c e .................................... 99.876 High-yield p rice .................................... 99.787 Average-yield p r i c e ............................. 99.822 The $2,701 million of accepted tenders includes $780 million of non-competitive tenders and $1,756 million of competitive tenders from private investors, including 97% of the amount of notes bid for at the high yield. It also includes $165 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 $2,701 million of tenders accepted in the auction process, $151 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 January 31, 1979, and $235 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. Pau l A. V olcker, President.
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