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FEDERAL RESERVE BANK OF N EW YORK Fiscal A gent of the United States [" Circular No. 6 8 0 6 1 L September 23, 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: T he follow in g- statement was issued by the T reasury Department and released at 6 :3 0 p.m. y esterd a y: The Treasury Department announced that the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated June 30, 1971, and the other series to be dated September 30, 1971, which were offered on September 15, 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 of Accepted Competitive Bids 274-Day Treasury Bills Maturing June 30, 1972 366-Day Treasury Bills Maturing September 30, 1972 Price 96.027 95.997 96.010 High ........................ L o w .......................... Average .................. Approx. equiv. annual rate 5.220% 5.259% 5.242% 1 Approx. equiv. annual rate Price 94.655 a 94.617 94.633 5.257% 5.295% 5.279% 1 a Excepting one tender of $1,250,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 5.50 percent for the 274-day bills, and 5.59 percent for the 366-day bills. (37 percent of the amount of 274-day bills bid for at the low price was accepted.) (27 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) 274-Day Treasury Bills Maturing June 30, 1972 District Applied for Boston ....................... .... New York ................. .... Philadelphia............... Cleveland ................... Richmond ................. Atlanta ....................... Chicago ..................... St. Louis ................... . Minneapolis ............... Kansas C ity ............... . Dallas .......................... San Francisco ........... . T otal 366-Day Treasury Bills Maturing September 30, 1972 ........................ $ Accepted Applied for 10,440,000 1,028,665,000 380,000 475,000 8,030,000 13,795,000 119,950,000 15,105,000 14,350,000 13,355,000 17,610,000 127,545,000 440,000 $ 346,775,000 380,000 475,000 1,030,000 4,045,000 68,650,000 1,805,000 8,720,000 2,355,000 1,610,000 63,725,000 $ 35,465,000 1,692,080,000 16,570,000 6,905,000 20,745,000 15,685,000 205,835,000 20,845,000 4,625,000 14,155,000 20,325,000 166,240,000 $ $ 500,010,0001 $2,,219,475,000 $1,200,220,000' $1,369,700,000 Accepted 465,000 952,130,000 1,430,000 1,905,000 3,745,000 6,095,000 145,535,000 2,845,000 1,625,000 2,980,000 1,625,000 79,840,000 b Includes $19,810,000 noncompetitive tenders accepted at the average price of 96.010. c Includes $33,785,000 noncompetitive tenders accepted at the average price of 94.633. A lf r e d H ayes, President.
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