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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States 1*Circular No. 6 8 7 2 '} L December 29, 1971 J RESULTS OF TREASURY’ S 9-MONTH AND 12-M 0NTH BILL OFFERINGS 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 the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated September 30, 1971, and the other series to be dated December 31, 1971, which were offered on December 20, 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 High ......................... L o w ........................... Average ................... 274-Day Treasury Bills 366-Day Treasury Bills Maturing September 30, 1972 Maturing December 31, 1972 Price Approx. equiv. annual rate Price 97.025 96.986 97.009 3.909% 3.960% 3.930% 1 96.036 95.956 96.008 Approx. equiv. annual rate 3.899% 3.978% 3.927% 1 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 4.09 percent for the 274-day bills, and 4.12 percent for the 366-day bills. (60 percent of the amount of 274-day bills bid for at the low price was accepted.) (66 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) District otal 366-Day Treasury Bills Maturing December 31, 1972 Applied for Boston .................... ...... New York .............. ...... Philadelphia............ Cleveland ................ Richmond .............. Atlanta .................... Chicago .................. St. Louis ................ Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ T 274-Day Treasury Bills Maturing September 30, 1972 ................... ...... $ 10,085,000 1,211,935,000 630,000 3,445,000 40,000 23,130,000 113,700,000 24,775,000 6,400,000 12,380,000 18,450,000 62,450,000 $1,487,420,000 85,000 433,275,000 630,000 445,000 40,000 5,530,000 32,700,000 6,775,000 1,400,000 5,580,000 1,450,000 12,450,000 $500,360,000a Accepted Applied for Accepted $ $ $ 10,100,000 1,869,460,000 1,995,000 6,670,000 1,045,000 22,900,000 203,050,000 28,600,000 6,650,000 23,185,000 19,205,000 96,245,000 100,000 997,740,000 1,665,000 3,670,000 1,045,000 6,900,000 122,050,000 10,600,000 5,650,000 17,185,000 2,205,000 31,245,000 $1,200,055,000b $2,289,105,000 a Includes $14,100,000 noncompetitive tenders accepted at the average price of 97.009. b Includes $28,780,000 noncompetitive tenders accepted at the average price of 96.008. A lfred H ayes, President.
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