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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States fCircular No. 6 8 6 8 1 L December 23, 1971 J Results of Treasury’s Offering of $2.5 Billion Tax Anticipation Bills 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. Wednesday, December 22: The Treasury Department announced that the tenders for two series of Treasury tax anticipation bills, one series to be an additional issue of the bills dated December 1, 1971, and the other series to be an additional issue of the bills dated December 13, 1971, which were offered on December 16, 1971, were opened at the Federal Reserve Banks today. Tenders were invited for $1,500,000,000, or thereabouts, of 114-day bills and for $1,000,000,000, or thereabouts, of 175-day bills. The details of the two series are as follows: Range of Accepted Competitive Bids 114-Day Treasury Bills 175-Day Treasury Bills Maturing April 21, 1972 Maturing June 21, 1972 Price High .... L o w ..... Average 98.8043 98.771 98.782 Approx. equiv. annual rate Approx. equiv. annual rate Price 3.777% 3.881% 3.846% 1 3.981% 4.079% 4.053% 1 98.065 b 98.017 98.030 a E xcepting tw o tenders totaling $300,000. b E xcepting four tenders totaling $4,600,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 3.96 percent for the 114-day bills, and 4.20 percent for the 175-day bills. (33 percent of the amount of 114-day bills bid for at the low price was accepted.) (34 percent of the amount of 175-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) District 114-Day Treasury Bills 175-Day Treasury Bills Maturing April 21, 1972 Maturing June 21, 1972 Applied for Accepted Boston ..................... ...... New Y o r k ............... ...... Philadelphia............. Cleveland ................. Richmond ............... Atlanta ..................... Chicago ................... St. Louis ................. Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ $ 265,700,000 1,237,400,000 134,750,000 208,050,000 22,670,000 131,805,000 372,450,000 85,615,000 390,575,000 171,590,000 251,450,000 291,700,000 $ 100,355,000 247,400,000 67,820,000 104,750,000 9,420,000 84,135,000 218,950,000 47,470,000 126,590,000 116,790,000 201,650,000 175,200,000 $ ................... ...... $3,563,755,000 $1,500,530,000c $2,720,870,000 T otal Accepted Applied for $ 80,000,000 1,105,000,000 123,450,000 114,800,000 15,625,000 61,215,000 350,085,000 112,490,000 409,185,000 120,070,000 67,250,000 161,700,000 6,000,000 216,570,000 32,660,000 46,500,000 6,625,000 56,265,000 115,595,000 62,690,000 272,285,000 77,980,000 40,290,000 66,560,000 $ 1,000,020,000d c Includes $289,805,000 noncompetitive tenders accepted at the average price of 98.782. d Includes $236,320,000 noncompetitive tenders accepted at the average price of 98.030. A lfred H ayes, President.
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