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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.
@FedFRASER