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FE D E R A L R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States r Circular No. 6 7 3 5 M ay 20, 1971 L *i J RESULTS OF O FFERIN G OF *1.6 B IL L IO N STRIP OF T R E A S U R Y BILLS 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 :3 0 p.m. yesterday: The Treasury Department announced that tenders for additional amounts of eight series of Treasury bills to an aggregate amount of $1,600,000,000, or thereabouts, to be issued May 25, 1971, which were offered on May 14, 1971, were opened at the Federal Reserve Banks today. The amount of accepted tenders will be equally divided among the eight issues of outstanding Treasury bills maturing June 24, July 1, July 8, July 15, July 22, July 29, August 5 and August 12, 1971. The details of the offering are as follows: Total applied for .... $3,085,600,000 Total accepted....... $1,600,280,000 (includes $111,000,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: Price H ig h ............................................ Low ............................................ Average ...................................... Approximate equivalent annual rate of discount based on 54.5 days ( average number of days to maturity) 99.410s 99.370 99.379 3.897% 4.161% 4.102% 1 a Excepting two tenders totaling $1,000,000. 1 This rate is on a bank discount basis. The equivalent coupon issue yield is 4.20 percent. (15 percent of the amount bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) District B oston...................................................... New York .............................................. Philadelphia ............................................ Cleveland ................................................ Richmond ................................................ Atlanta ...... - ........................................... C hicago.................................................... St. L ou is.................................................. Minneapolis ............................................ Kansas City ............................................ Dallas ...................................................... San Francisco ........................................ T o tal ..................................... Applied for Accepted $ 197,840,000 1,476,480,000 108,080,000 123,400,000 27,160,000 46,640,000 404,760,000 61,280,000 296,520,000 81,880,000 124,240,000 137,320,000 $ 158,440,000 494,480,000 92,080,000 33,000,000 7,760,000 28,840,000 275,160,000 25,580,000 249,720,000 67,600,000 47,740,000 119,880,000 $3,085,600,000 $1,600,280,000 A lfred H ayes , President.
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