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lu-g&7 FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States May 3, 1979 R E SU L T S OF T R E A S U R Y ’S M AY Q U A R T E R L Y F IN A N C IN G To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict The following statement has been issued by the Treasury Department: Through the sale of the two issues offered in the May financing, the Treasury raised approximately $2.5 billion of new money and refunded $2.3 billion of securities maturing May 15, 1979. The following table summarizes the results: M aturing Securities Held New Issues 9‘ % 4 10- Year Notes (Series A-19X9) $4.3 $1.7 0.2 0.6 0.6 $2.6 Total1 $2.0 0.4 Government accounts and Federal Reserve Banks Total $2.3 Public (Bonds o f 4004-2009) $2.2 $4.8 Net New Money Raised $2.3 9%% do-Year Bonds $2.5 $2.5 ■Details may not add to total due to rounding. In addition, the Treasury has released the following detailed results for each offering: RESULTS OF AUCTION OF 10-YEAR TREASURY NOTES (Notes of Series A-1989) The Department of the Treasury has accepted $2,255 million of $6,233 million of tenders received from the public for the 10-year notes, Series A-1989, auctioned today [May /]. The range of accepted competitive bids was as follows: Lowest y ie ld ...................................... 9.36%' Highest yield .................................... 9.38% Average yield.................................... 9.37% ■Excepting one tender of $15,000. The interest rate on the notes will be 9-!4%. At the 9-%% rate, the above yields result in the following prices: Low-yield p rice_ _ High-yield price ... Average-yield price 99.296 99.168 99.232 (Over) The $2,255 million of accepted tenders includes $360 million of noncompetitive tenders and $1,895 million of competitive tenders from private investors, including 57% of the am ount of notes bid for at the high yield. In addition to the $2,255 million of tenders accepted in the auction process, $350 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities m aturing May 15, 1979. RESULTS OF AUCTION OF 30-YEAR TREASURY BONDS (Bonds of 2004-2009) The D epartm ent of the Treasury has accepted $2,005 million of $4,837 million of tenders received from the public for the 30-year bonds, auctioned today [May 2], The range of accepted competitive bids was as follows: Lowest y i e l d ..............................................9.22% Highest yield ............................................ 9.24% Average y ie ld ............................................ 9.23% The interest rate on the bonds will be 9-y»%. At the 9-|/H rate, the above yields result in the following % prices: Low-yield p r ic e ................. 99.039 High-yield p r i c e ............... 98.838 Average-yield p r ic e .......... 98.938 The $2,005 million of accepted tenders includes $162 million of noncompetitive tenders and $1,843 million of competitive tenders from private investors, including 36%of the amount of bonds bid fo ratth e high yield. In addition to the $2,005 million of tenders accepted in the auction process, $200 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities m aturing May 15. 1979. PAUL A. VOLCKER. President. May 3, 1979 Correction of 10-Year Note Announcement The CUSIP designation for the 10-year notes, Series A-1989, to be issued by the Treasury Department on May 15, 1979 , vas incorrectly stated in our Circular No. 8562 , dated A -ll 26, 1979, regarding the Treasury’s May quarterly financing. The correct CUSIP designation for the notes is CUSIP Vo. 912827 JQ6 . Securities Department FEDERAL SERVE BANK OF NEW YORK
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