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F E D E R A L R ESER V E BA N K O F NEW Y O R K Fiscal Agent of the United States r Circular No. 6643 1 LNovember 25, 1970 -* 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 following statem ent was issued by the T reasury D epartm ent and released at 6:3 0 p.m. yesterday: The Treasury Department announced that the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated August 31, 1970, and the other series to be dated November 30, 1970, which were offered on November 17, 1970, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, of 274-day bills and for $1,200,000,000, or thereabouts, of 365-day bills. The details of the two series are as follows: Range of Accepted Com petitive Bids 274-Day Treasury Bills Maturing August 31,1971 Price H i g h ................................. .................... Low ................................. .................... A verage ........................... .................... 96.168a 96.115 96.131 a Excepting one tender of $1,000,000. 365-Day Treasury Bills Maturing November 30,1971 Approx. equiv. annual rate Price Approx. equiv. annual rate 5.035% 5.104% 5.083% ! 94.98l b 94.831 94.921 4.950% 5.098% 5.009% ! b Excepting one tender of $480,000. 1 These rates are on a bank discount basis. percent for the 365-day bills. The equivalent coupon issue yields are 5.31 percent for the 274-day bills, and 5.28 (9 6 percent of the am ount of 274-day bills bid for at the low price was accepted.) (70 percent of the am ount of 365-day bills bid for at the low price was accepted.) T otal Tenders A pplied for and Accepted (B y Federal Reserve Districts) 274-Day Treasury Bills Maturing August 31,1971 Applied for District ............................. ......... N ew Y ork ...................... ......... Boston $ 365-Day Treasury Bills Maturing November 30,1971 10,925,000 $ 10,925,000 981,205,000 349,865,000 Accepted A pplied for Accepted $ 11,825,000 $ 1,417,025,000 11,825,000 896,025,000 P h ila d e lp h ia .................... 3,680,000 550,000 2,980,000 2,980,000 Cleveland ........................ ......... Richm ond ...................... ......... A tlanta ............................. . . . . 1,535,000 1,535,000 16,515,000 4,515,000 720,000 720,000 1,470,000 1,470,000 10,080,000 3’,820,000 12,335,000 7,785,000 ........................... ......... St. L o u i s ........................... ......... M inneapolis .................... ......... 142,570,000 71,170,000 174,605,000 141,105,000 7,020,000 3,520,000 9,120,000 7,970,000 10,460,000 8,460,000 10,805,000 10,805,000 K ansas City .................... ......... D allas ............................... ......... 4,345,000 4,700,000 2,345,000 5,790,000 5,790,000 3,700,000 15,165,000 8,165,000 145,440,000 43,670,000 175,620,000 101,620,000 Chicago San Francisco ................ T o t a l ............... ......... $1,322,680,000 $500,280,000° $1,853,255,000 $1,200,055,000d c Includes $20,460,000 noncompetitive tenders accepted at the average price of 96.131. d Includes $39,395,000 noncompetitive tenders accepted at the average price of 94.921. A lfred H ayes, President.
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