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FED ER A L RESERVE BANK O F NEW YORK Fiscal Agent of the United States r Circular No. 6 1 4 5 1 U March 27, 1968 J Results of Treasury’s 9-Month and 12-Month Bill Offerings To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: T h e fo llo w in g statem en t w as issu ed b y the T re a s u ry D ep a rtm en t and relea sed at 6 :3 0 p.m ., y e ste rd a y : The Treasury Department announced that the tenders for two series of Treasury bills, one series to be an additional issue o f the bills dated December 31, 1967, and the other series to be dated March 31, 1968, which were offered on March 20, 1968, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, o f 274-day bills and for $1,000,000,000, or thereabouts, of 365-day bills. The details of the two series are as follow s: Range of Accepted Competitive Bids 274-Day Treasury Bills Maturing December 31,1968 Price 365-Day Treasury Bills Maturing March 31,1969 Approx. equiv. annual rate High .................................... 95.922 Low .................................. 95.840 Average .................................. 95.872 a Excepting one tender of $900,000. 5.358% 5.466% 5.424%! Approx. equiv. annual rate Price 94.536a 94.373 94.449 5.389% 5.550% 5.475%! i These rates are on a bank discount basis. The equivalent coupon issue yields are 5.68 percent for the 274-day bills, and 5.79 percent for the 365-day bills. (41 percent of the amount of 274-day bills bid for at the low price was accepted.) (34 percent of the amount o f 365-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 274-Day Treasury Bills Maturing December 31,1968 District B o s t o n ................................ $ New Y o r k .......................... Philadelphia...................... Cleveland .......................... Richmond .......................... Atlanta .............................. Chicago .............................. St. L o u is ............................ Minneapolis ...................... Kansas City ...................... Dallas ................................ San Francisco .................. Applied for 100,000 880,115,000 4,780,000 7,872,000 546,000 11,025,000 114,017,000 11,522,000 5,515,000 12,683,000 11,555,000 60,480,000 T o t a l .......................... $1,120,210,000 Accepted, $ 100,000 $ 376,165,000 780,000 5,282,000 546,000 6,125,000 49,017,000 3,522,000 3,515,000 12,683,000 4,965,000 37,330,000 $500,030,000b 365-Day Treasury Bills Maturing March 31,1969 Applied for Accepted 11,016,000 $ 1,163,188,000 9,254,000 31,090,000 1,570,000 13,135,000 159,589,000 15,453,000 5,700,000 2,985,000 11,545,000 98,154,000 356,000 749,588,000 2,274,000 24,090,000 1,570,000 13,135,000 99,589,000 11,453,000 5,700,000 2,985,000 7,545,000 81,834,000 $1,522,679,000 $1,000,119,000= b Includes $15,684,000 noncompetitive tenders accepted at the average price of 95.872. c Includes $31,883,000 noncompetitive tenders accepted at the average price of 94.449. A lfred H ayes, President.
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