Full text of Federal Reserve Bank of New York Circulars : Results of Auction of 3-Year Notes

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TREASURY NEWS

pesrtm ent o f th e T re a su ry • W a sh in g to n , D.c. • T elephone 566-2i@i]
RESULTS
Auction

OF

AUCTION

date:

OF

3-YEAR NOTES

February

5,

193,5

T h e D e p a r t m e n t of t h e T r e a s u r y h a s a c c e p t e d $ 7 , 2 6 6 m i l l i o n o f
$ 2 8 , 2 9 2 m i l l i o n o f t e n d e r s r e c e i v e d f r o m t h e p u b l i c for t h e 3 - y e a r
notes, Series R-1988, auct i o n e d t o d a y „
The notes will be issued
F e b r u a r y 15, 1985, a n d m a t u r e F e b r u a r y 15, 1988„
The
accepted
interest

i n t e r e s t r a t e on the n o t e s w i l l be 10-3/8%.
T he r a n g e of
c o m p e t i t i v e bids, a n d t h e c o r r e s p o n d i n g p r i c e s at t he 10r a t e are as fol l o w s ?
Yield
10.38%
10.40%
10.40%

Low
High
Average

at t h e h i g h y i e l d w e r e

Tenders

TENDERS

Received
402,850
24,461,595
35,350
137,075
89,120
135,800
1,544,850
159,880
71,505
112,030
18,285
1,119,235
4,510
$28,292,085

$

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Totals
The

$7,266

million

of n o n c o m p e t i t i v e
from t h e p u b l i c .

allotted

RECEIVED AND ACCEPTED

Location
Boston
New York

of

tenders

Price
99.987
99.937
99.9 3 7
40%o

(In T h o u s a n d s )
Accepted
67,8515
6,428,370
27,350
78,140
48,120
76,800
174,550
139,380
40,505
105,260
18,285
56,435
4 , 510
$7,265,555

$

accepted tenders includes $1,061
and $6,205 m i l l i o n of c o m p e t i t i v e

million
tenders

In a d d i t i o n t o t h e $ 7 , 2 6 6 m i l l i o n o f t e n d e r s a c c e p t e d i n t h e
a u c t i o n p r o c e s s , $110 m i l l i o n of t e n d e r s w a s a w a r d e d at t h e a v e r a g e
p r i c e to Federal R e s e r v e B a n k s as a g e n t s for f o r e i g n and i n t e r n a t i o n a l
monetary authorities.
A n a d d i t i o n a l $ 1 , 0 0 0 m i l l i o n of t e n d e r s w a s
Iso a c c e p t e d at the a v e r a g e p r i c e f r o m G o v e r n m e n t a c c o u n t s and F e d e r a l
Reserve Banks for their own a c c o u n t in exchange for m a t u r i n g securities.

FEDERAL

RESERVE

BANK

OF NEW Y O R K
(OVER)

R E F . C IR . NO. 9796J




%

RESULTS

OF

Auction

AUCTION
dates

OF

10-YEAR

February

6,

NOTES
1985

The Department of the Treasury has accepted $ 6 ,,012 million of
million of tenders received from the public for the 1 0 - y e a r
notes, Series A - 1 9 9 5 , auctioned today.
The notes will be issued
February 1 5, 1 9 8 5 , and mature February 1 5 , 1 9 9 5 .
$15,807

The interest rate o n the notes will be 1 1 - 1 / 4 % The range of
accepted competitive bids, and the corresponding prices at the 1 1 - 1 / 4 %
interest rate are as follows:
Yield
Low
1 1 . 3 3 % a/
High
11.37%
Average
11.36%
a/ E x c e p t i n g 1 t e n d e r of $ 7 , 0 0 0 .
Tenders at the high y i e l d wer e al l o t t e d

TENDERS RECEIVED AND ACCEPTED

Price
99.528
99.294
99.352
31%.

(In Thousands)

Received
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Totals

$

241,210
13,638,816
5,950
103,576
45,443
25,469
1,015,668
90,807
9,513
33,098
9,972
585,753
1,272
$15,806,547

Accepted
$

11,210
5,325,636
5,950
100,126
13,683
20,329
189,518
87,427
8,168
32,098
8,592
207,873
1,272
$6,011,882

The $6,012 m i l l i o n of a c c e p t e d tenders includes
m i l l i o n of n o n c o m p e t i t i v e t e n d e r s a n d $ 5 , 5 3 3 m i l l i o n
tenders from the public.

$479
of compet i t i v e

In a d d i t i o n to t h e $ 6 , 0 1 2 m i l l i o n of t e n d e r s a c c e p t e d in
the a u c t i o n process, $310 m i l l i o n of t e n d e r s w a s a w a r d e d at the
a v e r a g e p r i c e to F e d e r a l R e s e r v e B a n k s as a g e n t s for f o r e i g n and
international monetary authorities.
An a d d i t i o n a l $600 m i l l i o n
of tenders was also a c c e p t e d at the a v e r a g e p r i c e fr o m G o v e r n m e n t
acc o u n t s and Fede r a l R e s e r v e B a n k s for t h e i r o wn a c c o u n t in e x c h a n g e
for m a t u r i n g s e c u r i t i e s .

1/

The m i n i m u m p a r a m o u n t
Larger amounts must be




required for
in m u l t i p l e s

S T R I P S is $ 1 6 0 , 0 0 0 .
of that amount.

TREASURY N E W S ©

a p artm e n t o f th e T re a su ry • W a sh in g to n , D.C. • T elephone 566-2041
RESULTS

OF

AUCTION

Auction

date:

OF

30-YEAR
February

TREASURY
7,

BONDS

1985

T h e D e p a r t m e n t o f t h e T r e a s u r y h a s a c c e p t e d $ 5 * 7 5 1 m i l l i o n of
$12*290 m i l l i o n of t enders r e c e i v e d fro m the p u b l i c for the 3 0-year
b o n d s a u c t i o n e d t o d a y 0 T h e b o n d s w i l l b e i s s u e d F e b r u a r y 15* 1985*
a n d m a t u r e F e b r u a r y 15* 2015.
The interest rate on the b o n d s w i l l be 11-1/4%.2/ The range of
a c c e p t e d c o m p e t i t i v e bids* an d the c o r r e s p o n d i n g p r i c e s at the 11=1/4%
i n t e r e s t r a t e a r e as f o l l o w s s
Yield
1 1 o 24%
11.31%
11.27%

Low
High
Average

Tenders at the hig h y i e l d w e r e
TENDERS

Price
100.086
99.489
99.829
allotted

RECEIVED AND ACCEPTED

Location
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Totals

13%.

(In T h o u s a n d s )

Accepted

Received
$

228,494
10,529,577
1*253
7,220
34,266
12,379
790,365
59,602
1,648
12,420
4 , 045
608,586
149
$12,290,004

$

1,494
5*339,227
1,253
2,220
14,156
12,379
204,828
59,597
1 , 648
12,420
4,045
97,366
149
$5,750,782

T h e $ 5 , 7 5 1 m i l l i o n of a c c e p t e d t e n d e r s i n c l u d e s
m i l l i o n of n o n c o m p e t i t i v e t e n d e r s a n d $ 5 , 3 7 6 m i l l i o n
tive tenders from the p u b l i c .

$375
of c o m p e t i ­

In a d d i t i o n to t h e $ 5 , 7 5 1 m i l l i o n of t e n d e r s a c c e p t e d in
t h e a u c t i o n p r o c e s s , $493 m i l l i o n of t e n d e r s w a s a c c e p t e d at the
average p r i c e from G o v e r n m e n t a c c o u n t s and Federal R eserve Banks
f o r t h e i r o w n a c c o u n t in e x c h a n g e f o r m a t u r i n g s e c u r i t i e s .
1 /

T h e m i n i m u m p a r a m o u n t r e q u i r e d f o r S T R I P S is $ 16 0 * 0 0 0 .
L a r g e r a m o u n t s m u s t b e in m u l t i p l e s of t h a t a m o unt.

'E R A L RESERVE
r . CIR. NO. 9796]

B A N K OF NEW Y O R K