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FEDERAL RE8ERVE BANK OF NEW YORK April 27, 1979 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series S-1981) To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department: The Department of the Treasury has accepted $2,505 million of $5,501 million of tenders received from the public for the 2-year notes, Series S-1981, auctioned today [April 2U\ The range of accepted competitive bids was as follows: Lowest yield..................... 9.75%' Highest yield....................9.79% Average yield....................9.78% 'Excepting five tenders totaling $70,000. The interest rate on the notes will be 9%%. At the 9%%rate, the above yields result in the following prices: Low-yield p ric e ............................... 100.000 High-yield price................................. 99.929 Average-yield p ric e .......................... 99.947 The $2,505 million of accepted tenders includes $393 million of non-competitive tenders and $1,519 million of competitive tenders from private investors, including 27% of the amount of notes bid for at the high yield. It also includes $593 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 $2,505 million of tenders accepted in the auction process, $159 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 April 30, 1979, and $307 million of tenders were accepted at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. P aul A. V olcker , President.
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