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F E D E R A L R E S E R V E BA N K O F NEW YORK Fiscal A gent o f the United States j Circular No. 5 8 7 5 J L September 28, 1966 Results of Treasury’s 9-Month and 12-Month Bill Offerings T o All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was issued by the Treasury Department and released at 6:30 p.m. yesterday: The Treasury Department announced that the tenders fo r two series o f Treasury bills, one series to be an additional issue o f the bills dated June 30, 1966, and the other series to be dated September 30, 1966, which were offered on September 21, 1966, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, o f 273-day bills and fo r $900,000,000, or thereabouts, of 365-day bills. The details of the two series are as follow s: Range of Accepted Competitive Bids 273-Day Treasury Bills M aturing June 30,1967 Price H igh ........................................... Low ............................................. Average ..................................... 365-Day Treasury Bills Maturing Septem ber 30,1967 Approx. equiv. annual rate Price Approx. equiv. annual rate 5.764% 5.850% 5.807% ! 94.156b 94.074 94.113 5.764% 5.845% 5.806% ! 95.629a 95.564 95.596 a Excepting three tenders totaling $3,405,000. b Excepting one tender of $5,300,000. i These rates are on a bank discount basis. The equivalent coupon issue yields are 6.10 percent for the 273-day bills, and 6.16 percent for the 365-day bills. (67 percent o f the amount of 273-day bills bid fo r at the low price was accepted.) (13 percent of the amount of 365-day bills bid fo r at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 273-Day Treasury Bills Maturing June 30,1967 T o t a l ............. ............. Accepted Applied for District Boston ................... ............. New Y o r k ............. ............. Philadelphia ............. Cleveland ............. ............. Richmond ............. ............. Atlanta ................. ............. Chicago ................. ............. St. L o u i s ............... ............. Minneapolis ......... ............. Kansas C i t y ......... ............. Dallas ................... ............. San Francisco . . . ............. $ 4,871,000 785,109,000 4,720,000 8,786,000 1,902,000 10,351,000 74,320,000 18,201,000 3,475,000 2,177,000 6,890,000 63,836,000 $984,638,000 365-Day Treasury Bills Maturing Septem ber 30,1967 $ 4,871,000 368,509,000 720,000 7,136,000 1,902,000 2,821,000 34,120,000 18,201,000 3,475,000 2,177,000 6,890,000 49,186,000 $500,008,000c Applied for $ Accepted 16,638,000 1,081,899,000 11,071,000 20,063,000 6,826,000 18,559,000 149,135,000 18,888,000 9,547,000 5,389,000 7,637,000 127,073,000 $ $1,472,725,000 6,638,000 649,459,000 3,071,000 15,033,000 6,826,000 11,559,000 89.135,000 15,888,000 9,547,000 5,389,000 7,637,000 79,823,000 $900,005,000d c Includes $28,206,000 noncompetitive tenders accepted at the average price of 95.596. d Includes $66,166,000 noncompetitive tenders accepted at the average price of 94.113. A lfred H ayes, President.
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