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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States f Circular No. 6 6 9 3 ] L February 24, 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: The following statement was issued by the Treasury Department and released at 6:30 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 November 30, 1970, and the other series to be dated February 28, 1971, which were offered on February 17, 1971, 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 366-day bills. The details of the two series are as follows: Range o f A ccepted C om petitive B ids 274-Day Treasury Bills Maturing November 30, 1971 Price High .................................... L o w ...................................... Average .............................. 366-Day Treasury Bills Maturing February 29, 1972 Approx. equiv. annual rate 97.214a 97.184 97.191 > Price 3.660% 3.700% 3.691% 1 Approx. equiv. annual rate 96.299 b 96.243 96.264 3.640% 3.695% 3.675% 1 a Excepting two tenders totaling $500,000. b Excepting one tender of $50,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 3.83 percent for the 274-day bills, and 3.84 percent for the 366-day bills. (91 percent of the amount of 274-day bills bid for at the low price was accepted.) (33 percent of the amount of 366-day bills bid for at the low price was accepted.) T otal Tenders A p p lie d for and A ccepted (B y Federal Reserve Districts) 274-Day Treasury Bills Maturing November 30, 1971 District T otal .................. ...... $ 170,000 1,152,655,000 915,000 15,660,000 3,275,000 14,345,000 105,935,000 16,415,000 19,790,000 7,130,000 24,120,000 81,400,000 $1,441,810,000 Applied for Accepted Applied for Boston .................... New York .............. .... Philadelphia............ Cleveland ................ Richmond .............. Atlanta .................... Chicago .................. St. Louis ................ Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ 366-Day Treasury Bills Maturing February 29, 1972 $ 170,000 347,475,000 915,000 10,210,000 1,275,000 6,345,000 81,935,000 7,415,000 2,700,000 2,130,000 3,440,000 37,130,000 $ 501,140,000° $ Accepted 21,090,000 1,621,950,000 610,000 44,925,000 11,290,000 17,215,000 259,190,000 22,905,000 24,595,000 6,835,000 24,030,000 138,790,000 $ $2,193,425,000 20,790,000 875,750,000 610,000 29,925,000 4,290,000 5,215,000 169,170,000 11,235,000 4,585,000 1,835,000 1,530,000 75,100,000 $1,200,035,000 c Includes $17,480,000 noncompetitive tenders accepted at thfe average price of 97.191. d Includes $26,145,000 noncompetitive tenders accepted at the average price of 96.264. A lfred H ayes, President.
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