F E D E R A L R E S E R V E B A N KO F N E W Y O R K

Fiscal Agent of the United States

I" Circular No. 8048*1L February 8. 1977 J

RESULTS OF TREASURY’S FEBRUARY QUARTERLY FINANCING

To All Hanking Institutions, and Others Concerned, in the Second Federal Reserve District:

The following statement was issued February 4 by the Treasury Department:

Through the sale of the three issues offered in the February refinancing, the Treasury raised approximately$4.0 billion of new money and refunded $5.2 billion of securities maturing February summarizes the results:

New Issues

15, 1977. The following table

M aturing N et New Securities M oney

H eld R aised

6 - / ' 2 %

3-Year Notes (Series G-I9HO)

7 - / / 4 %

7-Year Notes (Series A-I9K4)

7-S/H%

30- Year Bonds (Bonds o f 2002-2007)

Non-marketable

SpecialIssue Total

Public $3.0 $2.0 $0.8 — $5.8 $2.1 $3.7

Government accounts and Federal Reserve Banks 1.3 0.9 0.4 $0.5 3.1 3.1 —

Foreign accounts (for cash) 0.3 — — — 0.3 — 0.3

Total1 $4.6 $2.9 $1.1 $0.5 $9.1 $5.2 $4.0

I 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 3-YEAR TREASURY NOTES(Notes of Series G-1980)

The Treasury has accepted $3,004 million of $5,886 million of tenders received from the public for the 3-year notes. Series G-1980, auctioned today [F ebruary /]. The range of accepted competitive bids was as follows:

Lowest y ie ld .................................. 6.56% 1Highest yield ....................... 6.64%Average yield ................................ 6.62%

The interest rate on the notes will be 6-1/2%. At the 6-1/2% rate, the above yields result in the following prices:

Low-yield p r ic e .............................. 99.839High-yield price ............................ 99.625Average-yield price ..................... 99.678

The $3,004 million of accepted tenders includes $736 million of noncompetitive tenders and $2,268 million of competitive tenders ( including 83% of the amount of notes bid for at the high yield) from private investors.

1Fxeepting two tenders totaling $5I0.(XX).

(Over)

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In addition, $1,580 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 February 15, 1977 ($1,300 million) and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($280 million).

RESULTS OF AUCTION OF 7-YEAR TREASURY NOTES

(Notes of Series A-1984)

The Treasury has accepted $2,000 million of $4,754 million of tenders received from the public for the 7-year notes, Series A-1984, auctioned today [F ebruary 3]. The range of accepted competitive bids was as follows:

Lowest yield................................................... 7.21 %1Highest y ie ld ................................................... 7.27%Average yield................................................... 7.25%

The interest rate on the notes will be 7-1/4%. At the 7-1/4% rate, the above yields result in the following prices:

Low-yield p r ice ............................................. 100.217High-yield price ........................................... 99.892Average-yield price........................................ 100.000

The $2,000 million of accepted tenders includes $680 million of noncompetitive tenders and $1,320 million of competitive tenders (including 39% of the amount of notes bid for at the high yield) from private investors.

In addition, $881 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 February 15, 1977.

'Excepting two tenders totaling $833,000.

RESULTS OF AUCTION OF 30-YEAR TREASURY BONDS

(Bonds of 2002-2007)

The Treasury has accepted $751 million of $2,351 million of tenders received from the public for the 30-year bonds auctioned today [February> 4]. The range of accepted competitive bids was as follows:

Lowest yield..........................................................7.58%Highest yield..................................................... 7.63%Average yield........................................................7.63%

The interest rate on the bonds will be 7-5/8%. At the 7-5/8% rate, the above yields result in the following prices:

Low-yield price............................................... 100.530High-yield price................................................ 99.941Average-yield price.......................................... 99.941

The $751 million of accepted tenders includes $301 million of noncompetitive tenders and $450 million of competitive tenders (including 68% of the amount of bonds bid for at the high yield) from private investors.

In addition, $391 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 February 15, 1977.

PAUL A. VOLCKER, P resid en t.

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