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F ED ER AL R E SE R V E BANK O F N E W YORK Fiscal Agent of the United States r Circular L No. 6 7381 May 27, 1971 J RESULTS OF T R E A S U R Y ’ S 9-M ONTH AND 12-MONTH BILL OFFERINGS To All 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 the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated February 28, 1971, and the other series to be dated May 31, 1971, which were offered on May 19, 1971, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, of 273-day bills and for $1,200,000,000, or thereabouts, of 366-day bills. The details of the two series are as follow s: Range of Accepted Competitive Bids 273-Day Treasury Bills Maturing February 29, 1972 High ......................... L o w ........................... Average ................... Price Approx. equiv. annual rate 96.453 96.414 96.445 4.677% 4.729% 4.688% 1 366-Day Treasury Bills Maturing May 31, 1972 Price Approx. equiv. annual rate 95.143a 95.102 95.130 4.777% 4.818% 4.790%1 a Excepting one tender of $300,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 4.90 percent for the 273-day bills, and 5.06 percent for the 366-day bills. (15 percent of the amount of 273-day bills bid for at the low price was accepted.) (61 percent of the amount of 366-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 273-Day Treasury Bills Maturing February 29, 1972 District Boston .................... ...... New York .............. ...... Philadelphia............ Cleveland ................ Richmond .............. Atlanta .................... Chicago .................. St. Louis ................ Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ T o t a l .................... ...... 10,450,000 1,341,770,000 460,000 3,340,000 23,350,000 13,820,000 117,355,000 17,390,000 3,690,000 1,825,000 28,540,000 119,615,000 $1,681,605,000 Applied for Accepted A pplied for $ 366-Day Treasury Bills Maturing May 31, 1972 $ 450,000 431,630,000 460,000 340,000 2,350,000 4,170,000 3,105,000 3,330,000 690,000 1,825,000 1,040,000 50,615,000 $ 500,005,000b $ 20,385,000 1,881,395,000 1,095,000 19,685,000 6,735,000 18,190,000 204,340,000 28,500,000 3,590,000 12,835,000 28,750,000 121,080,000 $2,346,580,000 Accepted $ 385,000 1,092,700,000 1,095,000 1,270,000 1,735,000 5,390,000 23,950,000 17,980,000 590,000 2,615,000 1,250,000 51,930,000 $1,200,890,000" b Includes $13,105,000 noncompetitive tenders accepted at the average price of 96.445. C Includes $30,380,000 noncompetitive tenders accepted at the average price of 95.130. A lfred H a y e s , President.
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