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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [" Circular No. 6 7 9 0 1 L August 25, 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 follow ing 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 May 31, 1971, and the other series to be dated August 31, 1971, which were offered on August 18, 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 follow s: Range o f A ccepted Com petitive Bids 366-Day Treasury Bills Maturing August 31, 1972 2y4-Day Treasury Bills Maturing May 31, 1972 Approx. equiv. annual rate Price H igh ....................... .............. L o w ......................... .............. Average ................ .............. 96.137 96.105 96.126 Approx. equiv. annual rate Price 94.835 94.764 94.789 5.075% 5.118% 5.090% 1 5.080% 5.150% 5.126% 1 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 5.34 percent for the 274-day bil 5.42 percent for the 366-day bills. (27 percent of the amount of 366-day bills bid for at the low price was accepted.) (6 percent of the amount of 274-day bills bid for at the low price was accepted.) T otal Tenders A p p lied for and A ccepted (B y Federal Reserve Districts) 366-Day Treasury Bills Maturing August 31, 1972 274-Day Treasury Bills Maturing May 31, 1972 District Applied for Philadelphia........... Cleveland ............... Richmond ............. Atlanta ................... Chicago ................. St. Louis ............... Minneapolis ........... Kansas C it y ........... Dallas ...................... San Francisco 11,060,000 1,281,065,000 690,000 25,740,000 940,000 14,410,000 88,075,000 18,800,000 12,915,000 12,785,000 23,900,000 52,940,000 T o t al ............... $1,543,320,000 Boston ................... N ew Y o rk ............... $ 560,000 456,365,000 460,000 740,000 940,000 910,000 14,945,000 1,920,000 2,915,000 2,735,000 1,900,000 15,665,000 $ 500,055,000a Accepted Applied for Accepted $ $ 20,510,000 1,716,480,000 2,255,000 4,615,000 6,040,000 16,260,000 296,560,000 22,545,000 10,740,000 17,115,000 23,680,000 125,745,000 $ $2,262,545,000 510,000 863,530,000 980,000 2,565,000 1,040,000 2,490,000 250,560,000 6,165,000 740,000 2,415,000 1,680,000 67,345,000 $1,200,020,000' a Includes $16,435,000 noncompetitive tenders accepted at the average price of 96.126. b Includes $31,160,000 noncompetitive tenders accepted at the average price of 94.789. A lfred H ayes, President.
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