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F E D E R AL R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States f Circular No. 6 7 0 6 1 L March 26, 1971 J RESULTS OF TREASURY’S 9-MONTH AND 12-MONTH BILL OFFERINGS To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: T he follow in g statement was issued by the T reasury Departm ent and released at 6 :3 0 p.m. yesterd a y: The Treasury Department announced that the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated December 31, 1970, and the other series to be dated March 31, 1971, which were offered on March 17, 1971, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, of 275-day bills and for $1,200,000,000, or thereabouts, of 366-day bills. The details of the two series are as follows: Range of Accepted Competitive Bids 275-Day Treasury Bills Maturing December 31, 1971 High .................................... L o w ...................................... Average ............................. Price Approx. equiv. annual rate 97.349 97.296 97.321 3.470% 3.540% 3.507% ! 366-Day Treasury Bills Maturing March 31, 1972 Price Approx. equiv. annual rate 96.372a 96.296 96.354 3.569% 3.643% 3.586% ! a Excepting one tender of $200,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 3.64 percent for the 275-day bills, and 3.75 percent for the 366-day bills. (73 percent of the amount of 275-day bills bid for at the low price was accepted.) (74 percent of the amount of 366-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 275-Day Treasury Bills Maturing December 31, 1971 District Applied for $ Boston .................... New York .............. Philadelphia............ Cleveland ................ Richmond .............. Atlanta .................... Chicago .................. St. Louis ................ Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ T otal ................. ...... 11,020,000 1,186,160,000 1,280,000 22,770,000 900,000 18,340,000 110,780,000 12,370,000 9,415,000 4,910,000 23,470,000 89,000,000 $1,490,415,000 366-Day Treasury Bills Maturing March 31, 1972 Applied for Accepted $ 750,000 388,350,000 1,280,000 9,610,000 900,000 3,040,000 67,970,000 7,370,000 9,415,000 4,910,000 3,470,000 3,000,000 $ 500,065,000b $ Accepted 11,290,000 1,805,395,000 855,000 40,945,000 4,515,000 16,455,000 159,875,000 12,905,000 3,535,000 7,480,000 23,380,000 90,565,000 $ $2,177,195,000 290,000 991,895,000 855,000 23,945,000 4,515,000 5,155,000 133,575,000 7,905,000 3,535,000 7,480,000 5,380,000 15,565,000 $1,200,095,000c b Includes $16,965,000 noncompetitive tenders accepted at the average price of 97.321. c Includes $25,865,000 noncompetitive tenders accepted at the average price of 96.354. A lfred H ayes, President.
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