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FED ER AL RESERVE BANK
OF NEW YORK
Fiscal A gen t o f the U nited States
["Circular No. 5 2 7 5 *
1
L December 24, 1962 J

RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS
TO BE ISSUED DECEMBER 27, 1962
To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Second Federal Reserve District:

The following statement was made public today by the Treasury Department:
T h e Treasury Departm ent announced last evening that the tenders for tw o series o f Treasu ry bills,
one series to be an additional issue o f the bills dated Septem ber 27, 1962, and the other series to be dated
D ecem ber 27, 1962, w hich were offered on D ecem ber 14, were opened at the Federal Reserve Banks on
D ecem ber 21. Tenders were invited for $1,300,000,000, or thereabouts, o f 91-day bills and for $800,000,000,
or thereabouts, of 182-day bills. T h e details o f the tw o series are as fo llo w s :
Range of Accepted Competitive Bids
91-Day Treasury Bills
Maturing March 28, 1963
Price

A pprox. equiv.
annual rate

99.275
99.268
99.269

H igh ....................... ........
L o w ......................... ........
A verage ................. ........

182-Day Treasury Bills
Maturing June 27, 1963

2.868%
2.896%
2.894% i

Approx. equiv.
annual rate

Price

98.5303
98.517
98.522

2.908%
2.933%
2.924% 1

a Excepting one tender of $400,000.
1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide
yields of 2.96 percent for the 91-day bills, and 3.01 percent for the 182-day bills. Interest rates on bills are quoted in
terms of bank discount, with the return related to the face amount of the bills payable at maturity rather than the
amount invested, and their length in actual number of days related to a 360-day year. In contrast, yields on certificates,
notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in
an interest payment period to the actual number of days in the period, with semiannual compounding if more than one
coupon period is involved.

(82 percent o f the am ount o f 91-day bills
bid for at the low price was accepted.)

(54 percent o f the am ount o f 182-day bills
bid for at the low price was accepted.)

Total Tenders Applied for and Accepted (By Federal Reserve Districts)
91-Day Treasury Bills
Maturing March 28,1963
Applied for

District

B oston ............................
N ew Y o r k .....................
Philadelphia .................
Cleveland .....................
R ich m on d .....................
A t la n t a ............................
C hicago .........................
St. Louis .......................
M inneapolis .................
Kansas C ity .................
D a l l a s ..............................
San F ran cisco .............

.........
.........
........
........
........
........
........
........
........
.........

T o t a l s ............. . . . .

$

47,050,000
1,862,031,000
43,206,000
44,826,000
24,403,000
39,368,000
227,505,000
28,701,000
24,859,000
36,680,000
73,921,000
203,550,000

$2,656,100,000

182-Day Treasury Bills
Maturing June 27, 1963
Applied for

Accepted

$

26,213,000
850,624,000
27,906,000
31,668,000
17,053,000
29,046,000
72,626,000
18,421,000
9,679,000
25,846,000
27,985,000
168,361,000

$1,305,428,000b

$

21,824,000
1,022,326,000
8,132,000
32,018,000
4,268,000
7,472,000
106,876,000
7,306,000
5,130,000
21,964,000
34,225,000
48,788,000

$1,320,329,000

Accepted

$ 15,824,000
624,733,000
3,132,000
20,318,000
4,268,000
7,347,000
54,676,000
4,306,000
4,630,000
11,366,000
6,925,000
42,788,000
$800,313,000c

b Includes $218,557,000 noncompetitive tenders accepted at the average price of 99.269.
c Includes $51,286,000 noncompetitive tenders accepted at the average price of 98.522.




A lfred H a y e s ,

President.