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F E D E R A L R E S E R V E BANK OF NEW YORK F s a Agent o t e United S a e icl f h tts r Circular No. 5 3 7 8 ~ 1 L August 27, 1963 J RESULTS OF BIDDING FOR 92-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED AUGUST 29, 1963 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At t e t m o p i t n our C r u a No. 5 7 , d t d August 2 , 1 6 , announcing an o f r n o 91- a and h i e f rnig iclr 37 ae 6 93 feig f d y 182-day Treasury bls t b i s e September 5 1 6 , t e r s l s o b d i g f r t e p e i u week’ o f r n o il, o e s u d , 9 3 h eut f i d n o h r v o s s feig f 92-day and 1 2 8 -day Treasury bls t b i s e August 2 , 1 6 , were n t a a l b e The r s l s now a a l b e a e il, o e s u d 9 93 o vial. eut, vial, r : Range of Accepted Competitive Bids 92-Day Treasury Bills Maturing November 29,1963 Price High ......... ...... Low .......... ...... Average ....... ...... 99.134a 99 1 0 .3 99 1 2 .3 182-Day Treasury Bills Maturing February 27,1964 Approx. equiv. annual rate Approx. equiv. annual rate Price 3.389% 3.404% 3.396%1 98.236b 9.3 821 9.3 824 3.489% 3.499% 3.494%1 a Excepting three tenders totaling $2,818,000. b Excepting one tender of $55,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.48 percent for the 92-day bills, and 3.62 percent for the 182-day bills. Interest rates on bills are quoted in terms o f 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 o f days in the period, with semiannual com pounding if more than one coupon period is involved. (55 p r e t o t e amount o 92-day bls ecn f h f il b d f r a t e low p i e was a c p e . i o t h rc cetd) (6 p r e t o t e amount o 182-day bls ecn f h f il b d f r a t e low p i e was a c p e . i o t h rc cetd) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 92-Day Treasury Bills Maturing November 29,1 96 3 District Accepted Applied for ... ... ... ... ... ... ... ... ... ... ... $ 3,1,0 95400 1590700 ,4,5,0 3,3,0 00500 3,5,0 11700 2,7,0 11400 2,3,0 55400 263300 3,7,0 3,5,0 00000 2,6,0 14700 2,8,0 93800 2,0,0 73100 128500 3,2,0 $ T t l .... ... oa $,7,7,0 2138500 $,0,5, 1 3 0 1 9 000c Boston ........ New York ...... P i a e p i ..... hldlha C e e a d ....... lvln Richmond ....... A l n a ........ tat Chicago ........ S . Louis........ t Minneapolis ...... Kansas C t ...... iy D l a ......... als San Fra c s o .... nic 1,1,0 44500 845200 6,7,0 1,3,0 50500 3,5,0 11700 1,2,0 67400 2,0,0 16900 123300 5,2,0 2,2,0 36500 1,6,0 60700 2,3,0 39800 1,0,0 73100 133300 0,9,0 182-Day Treasury Bills Maturing February 27,1964 A pplied for Accepted $ 1,0,0 87400 1268800 ,8,1,0 69200 ,3,0 1,3,0 59000 46400 ,5,0 56900 ,3,0 189200 6,7,0 55400 ,4,0 62000 ,6,0 1,5,0 43500 93200 ,1,0 149800 5,0,0 $ 1,0,0 27400 668900 8,5,0 19700 ,0,0 51000 ,3,0 23400 ,5,0 26900 ,2,0 3,4,0 68100 30400 ,4,0 31000 ,6,0 88500 ,0,0 42700 ,2,0 3,9,0 28300 $,9,2,0 1680800 $ 00,553,000d 8 c Includes $219,930,000 noncompetitive tenders accepted at the average price of 99.132. d Includes $48,168,000 noncompetitive tenders accepted at the average price of 98.234. A lfred H a y es , President.
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