Full text of Federal Reserve Bank of New York Circulars : 8199. Results of Treasury's 364-Day Bill Auction

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F E D E R A L R E S E R V E B AN K
OF N EW YORK
Fiscal Agent of the United States

Circular No. 8199
October 14, 1977

Results of Treasury’s 364-Day Bill Auction
To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:

The following auction results were announced by the Treasury Department on October 12:
Tenders for $3,096 million o f 52-week Treasury bills to be dated October 18, 1977, and to
mature October 17, 1978, were accepted at the Federal Reserve Banks and Treasury today.
The details are as follows:

Range of Accepted Competitive Bids
Price

High ....................................................
Low ............................ ......................
Average ...................... ......................

93.347a
93.278
93.308

Discount
Rate

Investment
Rate 1

6.580%
6.648%
6.618%

7.02%
7.10%
7.07%

1Equivalent coupon-issue yield.
aExcepting one tender of $325,000.

Tenders at the low price were allotted 95 percent.

Total Tenders Received and Accepted
F.R. District (and

LJ.S.

Treasury)

Boston ...........................................
New York.......................................
Philadelphia...................................
Cleveland.......................................
Richmond .....................................
Atlanta...........................................
Chicago.........................................
St. Louis.........................................
Minneapolis...................................
Kansas City...................................
Dallas.............................................
San Francisco...............................
U.S. Treasury ...............................
Total.......................................

Accepted

Received

$ 29,570,000
4,155,605,000
1,830,000
64,045,000
6,050,000
93,095,000
248,780,000
29,685,000
15,350,000
14,085,000
2,825,000
226,185,000

$

29,320,000
2,583,355,000
1,830,000
64,045,000
6,050,000
93,095,000
103,780,000
10,685,000
15,350,000
14,085,000
2,825,000
171,185,000

75,000

75,000

$4,887,180,000

$3,095,680,000

The $3,096 million o f accepted tenders includes $68 million of noncompetitive tenders from the
public and $1,030 million of tenders from Federal Reserve Banks for themselves and as agents of
foreign and international monetary authorities accepted at the average price.
An additional $63 million o f the bills will be issued to Federal Reserve Banks as agents of
foreign and international monetary authorities for new cash.




PAUL A. VOLCKER,
President.