Amendment

Document Sample
Amendment
PUBLIC DEBT NEWS

FOR IMMEDIATE RELEASE Contact: Peter Hollenbach

February 19, 2002 (202) 691-3502





AMOUNTS AWARDED TO TREASURY DIRECT REDUCED FOR RECENT AUCTIONS



In the recent Treasury bill and note auctions, conducted during the week of February 4, 2002, noncompetitive

tenders totaling $905 million were submitted, accepted in the auctions, and not paid for. The tenders were

electronically submitted through TreasuryDirect. In addition, the tenders were submitted in a manner that

violated existing rules on noncompetitive bidding. Controls were effective in preventing the bidder from

receiving any securities, but the published auction results included these noncompetitive amounts. Additional

controls are now in place to prevent a recurrence.



The yields, prices, and percentages allotted at the high rate or yield stand as previously published. This

information is provided to clarify that the reported noncompetitive and total tendered and accepted amounts

were overstated.



This matter is currently under investigation by Federal law enforcement authorities.



The table below shows the reduction in the amounts awarded to TreasuryDirect for each auction.



Security CUSIP Auction Issue Date Reduction in Amount

Date Awarded to TreasuryDirect

13-week bill 912795JT9 2/4/02 2/7/02 $84 million

26-week bill 912795KV2 2/4/02 2/7/02 $76 million

4 ¾ year note 9128277F3 2/5/02 2/15/02 $375 million

10-year note 9128277L0 2/6/02 2/15/02 $370 million







o0o



PA-541



www.publicdebt.treas.gov


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