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F E D E R A L R E S E R V E BANK O F NEW YO R K Fiscal A gent of the U nited States f Circular No. 6 6 6 2 1 L December 24, 1970 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: The following statement was issued by the Treasury Department and released at 6:30 p.m. yesterday: T h e T re a su ry D epartm ent announced that the tenders for two series of T reasu ry bills, one series to be an additional issue of the bills dated Septem ber 30, 1970, and the other series to be dated December 31, 1970, w hich w ere offered on December 15, 1970, were opened at the Federal R eserve Banks today. T enders were invited for $500,000,000, or thereabouts, of 273-day bills and for $1,200,000,000, or thereabouts, of 365-day bills. T h e details of the two series are as follow s: R an g e of A ccepted C om petitive B ids 365 -Day Treasury Bills Maturing December 3 1 , 1971 2 73 -Day Treasury Bills Maturing September 30 , 1971 H ig h ........................................ L o w .......................................... A verage ................................. Price Approx. equiv. annual rate 96.289 96.224 96.247 4.894% 4.979% 4.949% 1 Approx. equiv. annual rate A.aoyyo Price 95.063a 95.039 95.046 4.893% 4. a Excepting two tenders totaling $1,300,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 5.17 percent for the 273-day bills, and 5.15 percent for the 365-day bills. (87 percent of the am ount of 273-day bills bid for at the low price was accepted.) (39 percent of the am ount of 365-day bills bid for at the low price was accepted.) T o ta l T en d ers A p p lie d fo r an d A ccepted (B y F e d e ra l R eserve D istricts) 2 73 -Day Treasury Bills Maturing September 30 , 1971 District B oston .............................. N ew Y o r k ........................ P h ila d e lp h ia ...................... Cleveland .......................... R ichm ond ........................ A tlanta .............................. Chicago ............................ S t L ouis .......................... M inneapolis ...................... K ansas C i t y ...................... D allas ................. San F rancisco ................. T o t a l ........................ Applied for $ 75,000 1,144,365,000 845,000 7,000,000 740,000 14,090,000 140,930,000 4,995,000 8,910,000 1,850,000 23,465,000 56,825,000 $1,404,090,000 365 -Day Treasury Bills Maturing December 3 1 , 1971 Accepted $ 75,000 354,115,000 845,000 1,000,000 740,000 6,795,000 84,865,000 3,995,000 6,910,000 1,850,000 2,465,000 36,565,000 $500,220,000b Applied for $ Accepted 20,65D,000 2,229,100,000 3,210,000 50,295,000 3,345,000 18,020,000 368,225,000 10,785,000 9,030,000 3,420,000 23,950,000 211,460,000 $2,951,490,000 $ 650,000 970,685,000 1,210,000 26,095,000 1,345,000 3,120,000 158,860,000 4,215,000 1,030,000 3,270,000 1,950,000 28,100,000 $1,200,530,000' b Includes $18,525,000 noncompetitive tenders accepted at the average price of 96.247. c Includes $38,930,000 noncompetitive tenders accepted at the average price of 95.046. A lfred H ayes, President.
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