Full text of Federal Reserve Bank of New York Circulars : Results of Auction of 4-Year Notes

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D e p a r t m e n t o f th e T r e a s u r y

t

W a s h in g to n , D.C. • T e le p h o n e 566*204!
Auction date: September 23, 1981

RESULTS OF AUCTION OF 4-YEAR NOTES
The Department of the Treasury has accepted $3,252 million
of $7,492
million of tenders received from the public for the
4-year notes, Series J-1985, auctioned today. *The notes will be
issued September 30, 1981, and mature September 30, 1985.
The interest coupon rate on the notes will be ±5-7/8%.
The range of accepted competitive bids , and the corresponding
prices at the 15-7/8%
coupon rate are as follows:
Lowest yield
Highest yield
Average yield

Bids
15.89% a/
15.93%
15.91%

Tenders at the high yield were allotted

Prices
99.957
99.842
99.899
9%.

TENDERS RECEIVED AND ACCEPTED (In Thousands)
Location
Boston
New York
Philadelphia
Cleveland Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury .
Totals

Received
$ TT47B'25“
6,138,660
•48,500
110,653
50,532
35,410
566,321
68,443
20,710
85,417
20,096. .
289,423
3,133
$7,492,123

$

Accepted
22,915
2,710,290
19,000
61,373
30,422
33,360
172,470
63,368
17,710
82,217
9,096
26,683
3,133

$3,252,037

The $3,252 million of accepted tenders includes $705
million of noncompetitive tenders and $1,965 million of competi­
tive tenders from private investors.
It also includes $582
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 $3,252 million of tenders accepted in
the auction process, $199
million of tenders were accepted at
the average price from Government accounts and Federal Reserve
Banks for their own account in exchange for maturing securities,
and $4 78
million of tenders were accepted at the average price
from Federal Reserve Banks as agents for foreign and international
monetary authorities for new cash.
a/ Excepting 1 tender of $15,000.
Federal Reserve Bank of New York

http://fraser.stlouisfed.org/(Ref. Cir. No 9U3]
Federal Reserve Bank of St. Louis

9/29/81