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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States August 24, 1979 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series W-1981) To A lt 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 $3,255 million of $6,975 million of tenders received from the public for the 2-year notes, Series W-1981, auctioned today [A ugust 22]. The range of accepted competitive bids was as follows: Lowest yield . 9.60%' Highest yield 9.66% Average yield 9.65% Kxcepting three tenders totaling $1,050,000. The interest rate on the notes will be 9% . At the 9% rate, the above yields result in the following prices: % % Low-yield price ... High-yield price__ Average-yield price 100.045 99.938 99.955 The $3,255 million of accepted tenders includes $585 million of noncompetitive tenders and $1,710 million of competitive tenders from private investors, including 28%of the amount of notes bid for at the high yield. It also includes $960 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 $3,255 million of tenders accepted in the auction process. $456 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, 1979. T homas M. T imlkn . First Vice {'resident.