4-WeekBillAnnouncementDescriptionofOfferingOfferingAmount$30.0BCUSIPNumber 912795Y88AuctionDate January4,2012Issue(Settlement)Date January5,2012MaturityDate February2,2012MinBidAmount $100ReceiptofTendersNoncompetitiveBids 11:00a.m.ETCompetitiveBids 11:30a.m.ETDefinitionTreasurybillsaresoldatpublicauctionseveryweek.Competitivebidsattheseauctionsdeterminetheinterestratepaidoneachissue.Agroupofsecuritiesdealers,knownasprimarydealers,areauthorizedandobligatedtosubmitcompetitivetendersatTreasuryauctions.Dealerscanholdthebills,resellthebillstotheirclientsortradethemwithothersecuritiesfirms.Typically,theNewYorkFedapprovesabout20securitiesfirmstobeprimarydealersbutthatnumberdroppedsharplyduringtherecentfinancialcrisisassomeweremergedintootherfirmsorwentbankrupt.TheFedhasbeenrebuildingthatnumberregularlyandthelatestlistcanbefoundhere:http://www.newyorkfed.org/markets/pridealers_current.htmlSincethesearepublicauctions,theTreasurymustannouncethesize,dateandtimeoftheauctioneveryweek.Four-weekbillsareannouncedonMondayforaTuesdayauctionandareissued(settled)onThursdayofthesameweek.IfaMondayisabankingholiday,thebillsareauctionedonWednesday.(DepartmentoftheTreasury)