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FED E R AL R E SE R VE BANK O F N E W YORK
Fiscal A gent of the United States
r
L

Circular No. 6 7 0 8 -1
April 1, 1971
J

RESULTS OF OFFERING OF $2.2 BILLION STRIP OF TREASURY BILLS
To A ll Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:

The follow in g statement was issued by the T reasury Departm ent and released
at 6 :3 0 p.m., M arch 31, 1971:
The Treasury Department announced that tenders for additional amounts of eleven series
of Treasury bills to an aggregate amount of $2,200,000,000, or thereabouts, to be issued April
6 , 1971, which were offered on March 16, 1971, were opened at the Federal Reserve Banks
today. The amount of accepted tenders will be equally divided among the eleven issues of out­
standing Treasury bills maturing July 8 , July 15, July 22, July 29, August 5, August 12, August
19, August 26, September 2, September 9, and September 16, 1971.
The details of the offering are as follows :
Total applied for ....

$5,080,185,000

Total accepted.......

$2,205,720,000

(includes $6,655,000 entered on a non­
competitive basis and accepted in full
at the average price shown below)

Range of accepted competitive bids:
Price

High ..........................................
L o w ............................................
Average ...................................

Approximate equivalent annual rate of
discount based on 128 days (average
number of days to maturity)

98.664
98.630
98.645

3.758%
3.853%
3.811%*

1 This rate is on a bank discount basis. The equivalent coupon issue yield is 3.93 percent.

(43 percent of the amount bid for at the low price was accepted.)
Total Tenders Applied for and Accepted (By Federal
District

B oston......................................................
New York ..............................................
Philadelphia ............................................
Cleveland ................................................
Richmond ................................................
Atlanta ....................................................
C hicago....................................................
St. L ou is..................................................
Minneapolis ............................................
Kansas City ...........................................
Dallas ......................................................
San Francisco ........................................




T

otal

..............................................

Reserve Districts)

Applied for

$

38,500,000
4,028,640,000
55,770,000
65,450,000
22,330,000
17,050,000
268,070,000
14,740,000
5,830,000
6,215,000
82,940,000
474,650,000

Accepted

$
495,000
1,929,235,000
770,000
5,500,000
11,330,000
3,850,000
79,035,000
5,445,000
330,000
990,000
—
168,740,000

$5,080 ,1 8 5 ,0 0 0

$ 2 ,2 0 5,720,000
A

lfred

H

a yes,

President.