Full text of Federal Reserve Bank of New York Circulars : Results of Auction of 2-Year Treasury Notes

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RE8ERVE BANK
OF NEW YORK
Fiscal Agent of the United States
f c f .f c c

October 25, 1979

RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES
(Notes of Series Y-1981)

To A ll 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 $3,902 million of $6,775 million of tenders received
from the public for the 2-year notes, Series Y-1981, auctioned today [O ctober 2 3]. The range of accepted
competitive bids was as follows:
Lowest yield .................. 12.55961
Highest yield.................... 12.69%
Average yield................ 12.66%
‘ Excepting six tenders totaling $125,000.

The interest rate on the notes will be 12%%. At the 12%%rate, the above yields result in the following
prices:
Low-yield price....................................100.129
High-yield price............................... 99.888
Average-yield price.......................... 99.940
The $3,902 million of accepted tenders includes $718 million of noncompetitive tenders and $2,249
million of competitive tenders from private investors, including 14% of the amount of notes bid for at the
high yield. It also includes $935 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 $3,902 million of tenders accepted in the auction process, $470 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 31, 1979.




T homas

M.

T imlen ,

First Vice President.