View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F E D E R A L RESERVE B A N K
O F N E W YORK
Fiscal Agent of the United States

rCircular No. 24 531
L
J u n e 26, 1942
J

TREASURY BILLS

To all Incorporated Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:

Iii this bank's circular No. 2430, dated May 8, 1942, reference was made to ail
increase in the weekly offering of Treasury bills which the Secretary of the Treasury
had announced would begin with the issue dated May 13, 1942. The belief was then
expressed that the larger weekly offerings of bills would provide a convenient opportunity for employment of funds upon which banks and others might wish to obtain
some income without real sacrifice of liquidity. I t was also pointed out in the circular that the attractiveness of the Treasury bill, as a short-term investment, had been
increased by the rise in yields which had taken place in the previous six months, and
by the enhanced liquidity of these securities now assured by the undertaking of the
Federal Reserve Banks to purchase all bills offered to them on a discount basis at the
rate of % percent per annum.
The first increase in the weekly offering of Treasury bills was from $150,000,000
to $250,000,000. On June 5, 1942 the Secretary of the Treasury announced that beginning with the issue dated June 10, 1942 weekly bill offerings would be further
increased by $50,000,000 to $300,000,000. The increased availability of bills arising
out of the larger offerings and the assurance of a market at a fixed price has already
given greater breadth to the Treasury bill market. Tenders for new issues of Treasury bills have been received in increasing numbers from outside of the principal
money centers, where these bills find their principal market, and many inquiries have
been received, from banks and others, as to the correct procedure to follow in bidding
for Treasury bills. In view of these inquiries and in the interest of a further broadening of the market, the procedure used in submitting tenders for new issues of Treasury bills and other pertinent data are outlined on the following pages.




Allan

Sfroul,

President.

INFORMATION REGARDING TREASURY BILLS
T h e T r e a s u r y bill is a bearer obligation of the United States issued on a discount basis. Maturities
of new issues of T r e a s u r y bills have varied in the past, but in late years the usual maturity has been
91 days. T h e income, on T r e a s u r y bills represents the difference between the purchase price and the
sale price or maturity value. T h e income, whether interest or gain from the sale or other disposition
of the bill, is subject to Federal taxation, but is exempt f r o m State and local taxes.
T r e a s u r y bills are freely traded in the open market, and new issues when offered m a y be obtained
direct from the T r e a s u r y by tender through the Federal Reserve Banks. T h e Secretary of the T r e a s u r y
follows the practice of inviting competitive tenders, each week, for a specified amount of T r e a s u r y bills
of stipulated m a t u r i t y to be issued on a discount basis. Public announcement of offerings of T r e a s u r y
bills is usually made on Friday. T e n d e r s are received up to 2 p.m., Eastern war time, on the following Monday, and bills are usually dated and issued on Wednesday. I n the case of qualified depositaries,
the Secretary of the T r e a s u r y from time to time in his discretion allows payment to be made by credit in
the W a r Loan Deposit Account. Instructions with respect to the procedure to be followed in submitting tenders are given in T r e a s u r y D e p a r t m e n t Circular No. 418*, as amended, and in the circulars
of this bank which contain public notice of T r e a s u r y bill offerings. T h e circulars are mailed to all
incorporated banks and trust companies in the Second Federal Reserve District and to other interested
investors.
On the reverse side of these offering circulars there is provided a special form for use in submitting
tenders for T r e a s u r y bills. T e n d e r s must be made for an a m o u n t t h a t is an even multiple of $1000, on
a m a t u r i t y value basis, and the price or prices submitted by the bidder for the amount or a m o u n t s
desired (at m a t u r i t y values) m u s t be stated and expressed on the basis of 100, and to the third
decimal place only. F o r example, a bank wishing to bid for 91-day T r e a s u r y bills dated July 1, 1942
and m a t u r i n g September 30, 1942 (current issue) should fill out a tender form and forward it to reach
this bank not later than 2 p.m., on Monday, J u n e 29, 1942. If it were desired to bid a price of, say, 99.909
for $100,000 m a t u r i t y value, the price of 99.909 would be inserted in the blank space after the word " p a y "
on the tender form and $100,000 in the space after " a m o u n t of" so t h a t the tender form would read as
follows:
" P u r s u a n t to the provisions of T r e a s u r y D e p a r t m e n t Circular No. 418, as amended, and
to the provisions of the public notice on J u n e 26, 1942, as issued by the Secretary of t h e
^
QQ QflQ
T r e a s u r y , the undersigned offers to pay
:
for a total a m o u n t of
1 0 0

$

'000

'

( r a t e per 100)

(maturity value) of the T r e a s u r y bills therein described, or for any

less a m o u n t that may be awarded, p a y m e n t therefor to be made at your bank in cash or
other immediately available funds on the date stated in the public notice."
In cases where bidders prefer to wait until the last day on which tenders are received (usually
M o n d a y ) , and distance prevents delivery to a Federal Reserve Bank or Branch by hand, the bid or
bids should be tendered, through a bank, by telegram. T e n d e r s submitted by incorporated banks and
t r u s t companies by telegram should be confirmed immediately by mail, on tender forms, and both the
telegrams and tender f o r m s should indicate whether the tenders are for account of the bank or for
account of its customers.
A bidder who submits bids at more than one price is required to execute a separate tender at
each price. T e n d e r s m a y be submitted without deposit by incorporated banks and trust companies
and by responsible and recognized dealers in investment securities. In the absence of an express
* Additional copies may be obtained from Federal Reserve Bank of New York upon request.




g u a r a n t y of p a y m e n t by an incorporated bank or t r u s t c o m p a n y , t e n d e r s by o t h e r s m u s t be accompanied
by deposit of 10 percent of t h e face a m o u n t of the T r e a s u r y bills for which t e n d e r s are submitted.
U p o n expiration of the time set for placing bids, all tenders received at each Federal Reserve
Bank are opened a n d the details c o m m u n i c a t e d b y wire to the Secretary of the T r e a s u r y . S t a r t i n g
with the highest price, the Secretary a w a r d s bids in full until the T r e a s u r y h a s obtained the a p p r o x i m a t e
amount of f u n d s stated in the offering circular. W h e r e t w o or m o r e bids are m a d e at the same price and
only a p a r t of the t e n d e r s at such price can be accepted, the a m o u n t accepted is p r o r a t e d in accordance
with t h e respective a m o u n t s bid for.
T h e Secretary of the T r e a s u r y m a k e s a public a n n o u n c e m e n t of the results of each weekly sale of
Treasury bills which generally appears in the n e w s p a p e r s on the m o r n i n g following the closing of bidding. T h e Reserve Ranks, at t h e same time and on i n s t r u c t i o n s f r o m the S e c r e t a r y of the T r e a s u r y ,
advise those w h o have s u b m i t t e d tenders of the acceptance or rejection of their bids. A t t a c h e d to t h e
advice sent to successful bidders is a f o r m to be filled out by t h e m indicating the d e n o m i n a t i o n s in which
the bills are to be issued, the disposition to be m a d e of the bills, and the m e t h o d of p a y m e n t .
N o t w i t h s t a n d i n g the fact t h a t competitive b i d d i n g for T r e a s u r y bills is conducted on a price basis,
hese securities are quoted in the m a r k e t on a discount basis. A rate of discount equivalent to a given
<>rice m a y be calculated as f o l l o w s :
1. S u b t r a c t the price f r o m face value (i.e. m a t u r i t y value) to obtain the a m o u n t of the discount.
2. Divide the a m o u n t of discount by the actual n u m b e r of days to m a t u r i t y of the bill to obtain
the a m o u n t of discount per day.
3. M u l t i p l y the a m o u n t of discount per day by 360 (the n u m b e r of d a y s in a commercial y e a r of
12 m o n t h s of 30 d a y s each) to obtain the a m o u n t of discount per year.
4. Divide the a m o u n t of discount per y e a r b y face value to obtain the rate of discount.
For example, if T r e a s u r y bills m a t u r i n g S e p t e m b e r 30, 1942 w e r e p u r c h a s e d J u l y 1, 1942 (91 actual
days to m a t u r i t y ) at a price of 99.909 per $100, the a n n u a l r a t e of discount could be d e t e r m i n e d b y t h e
following c a l c u l a t i o n :
FORMULA:
F a c e value less p u r c h a s e price divided by a c t u a l n u m b e r of days to m a t u r i t y multiplied b y n u m ber of days in a commercial y e a r divided by face value equals a n n u a l r a t e of discount.
EXAMPLE:
100.000—99.909

x

260

~ 100 = .0036 or 36/100 of 1%

Conversely, if it is desired to ascertain t h e price of a T r e a s u r y bill p u r c h a s e d at a specified r a t e of
discount, the f o l l o w i n g m e t h o d m a y be u s e d :
1. M u l t i p l y the annual r a t e of discount by f a c e value in o r d e r to obtain the a m o u n t of the annual
discount.
2. Divide the a m o u n t of the discount b y 360 ( t h e n u m b e r of d a y s in a c o m m e r c i a l y e a r of 12 m o n t h s
of 30 d a y s each) to obtain the a m o u n t of d i s c o u n t p e r day.
3. Multiply t h e discount per day b y the actual n u m b e r of days to m a t u r i t y of the bill t o obtain
the a m o u n t of discount for t h e r e m a i n i n g life of t h e bill.
4. D e d u c t t h e a m o u n t of discount for t h e r e m a i n i n g life of t h e bill f r o m t h e face value of t h e
bill to arrive at t h e p u r c h a s e price.




For example, if the same Treasury bills referred to in the preceding example were purchased on the
same date at a rate of 0.36% discount, the price could be determined as follows:
FORMULA:

Rate of discount multiplied by face value divided by number of days in a commercial year multiplied by the actual number of days to maturity equals amount of discount for the remaining life of bill.
Face value less amount of discount for the remaining life of bill equals purchase price.
EXAMPLE:

.0036 x 100
X 91 = .091
360
Face value
Less
Purchase Price

100.000
.091
99.909

For the convenience of investors in determining equivalent prices and rates of discount for specified time periods, the table on the following pages has been prepared showing the cost of or proceeds
from United States Treasury bills per $100 at rates of discount ranging from 0.25% to 0.50%. The table
may be used in calculating tenders for any amount of new offerings of Treasury bills since bid prices
must be expressed only to the third decimal place. It should also prove useful to investors who buy and
sell Treasury bills in the market, although the decimals have not been extended sufficiently to give accurate market prices, to the last cent, on amounts in excess of $1,000,000. T h e utility of the table may be
illustrated by the example of an investor wishing to obtain, by tender, new 91-day Treasury bills at a
discount of 0.36%. Since a bidder must make his tender on a price basis, he could immediately arrive
at the appropriate price by finding 91 in the column headed "days to r u n " and then taking the figure
corresponding to 91 days in the column headed "0.36%". Thus, the price equivalent to a rate of discount of 0.36% for a 91-day bill would be 99.909.




DISCOUNT RATE A N D PRICE PER $100
Days to
Run 0.25%

0.30%

0.31 <

0.32%

0.33%

0.34%

0.35%

0.36%

0.37%

0.375%

99.999306
99.998611
99.997917
99.997222
99.996528

99.999278
99.998556
99.997833
99.997111
99.996389

99.999250
99.998500
99.997750
99.997000
99.996250

99.999222 99.999194
99.993444 99.998389
99.997667 99.997583
99.996889 99.996778
99.99G111 99.995972

99.999167
99.998333
99.997500
99.996667
99.995833

99.999139
99.998278
99.997417
99.996556
99.995694

99.999111
99.998222
99.997333
99.996444
99.995556

99.999083
99.998167
99.997250
99.996333
99.995417

99.999056
99.998111
99.997167
99.996222
99.995278

99.999028
99.998056
99.997083
99.996111
99.995139

99.999000
99.998000
99.997000
99.996000
99.995000

99.998972
99.997944
99.996917
99.995889
99.994861

99.998958
99.997917
99.996875
99.995833
99.994792

6
7
8
9
10

99.995833
99.995139
99.994444
99.993750
99.993056

99.9956G7
99.994944
99.994222
99.993500
99.992778

99.995500
99.994750
99.994000
99.993250
99.992500

99.995333
99.994556
99.993778
99.993000
99.992222

99.995167
99.994361
99.993556
99.992750
99.991944

99.995000
99.994167
99.993333
99.992500
99.991667

99.994833
99.993972
99.993111
99.992250
99.991389

99.994667
99.993778
99.992889
99.992000
99.991111

99.994500
99.993583
99.992667
99.991750
99.990833

99.994333
99.993389
99.992444
99.991500
99.990556

99.994167
99.993194
99.992222
99.991250
99.990278

99.994000
99.993000
99.992000
99.991000
99.990000

99.993833
99.992806
99.991778
99.990750
99.989722

99.993750
99.992708
99.991667
99.990625
99.989583

11
12
13
14
15

99.992361
99.991667
99.990972
99.990278
99.989583

99.992056
99.991333
99.990611
99.989889
99.989167

99.991750
99.991000
99.990250
99.989500
99.988750

99.991444 99.991139
99.990667 99.990333
99.S89889 99.989528
99.989111 99.988722
99.988333 99.987917

99.990833
99.990000
99.989167
99.988333
99.987500

99.990528
99.989667
99.988806
99.987944
99.987083

99.990222
99.989333
99.988444
99.987556
99.986667

99.989917
99.989000
99.988083
99.987167
99.986250

99.989611
99.988667
99.987722
99.986778
99.985833

99.989306
99.988333
99.987361
99.986389
99.985417

99.989000
99.988000
99.987000
99.986000
99.985000

99.988694
99.987667
99.986639
99.985611
99.984583

99.988542
99.987500
99.986458
99.985417
99.984375

99.988889
99.988194
99.987500
99.986806
99.986111

99.988444
99.987722
99.987000
99.986278
99.985556

99.988000
99.987250
99.986500
99.985750
99.985000

99.987556
99.986778
99.986000
99.985222
99.984444

99.987111
99.986306
99.985500
99.984694
99.983889

99.986667
99.985833
99.985000
99.984167
99.983333

99.986222
99.985361
99.984500
99.983639
99.982778

99.985778
99.984889
99.984000
99.983111
99.982222

99.985333
99.984417
99.983500
99.982583
99.981667

99.984889
99.983944
99.983000
99.982056
99.981111

99.984444
99.983472
99.982500
99.981528
99.980556

99.984000
99.983000
99.982000
99.981000
99.980000

99.983556
99.982528
99.981500
99.980472
99.979444

99.983333
99.982292
99.981250
99.980208
99.979167

99.985417
99.984722
99.984028
99.983333
99.982639

99.984833
99.984111
99.983389
99.982667
99.981944

99.984250
99.983500
99.982750
99.982000
99.981250

99.983667
99.982889
99.982111
99.981333
99.980556

99.983083
99.982278
99.981472
99.980667
99.979861

99.982500
99.981667
99.980833
99.980000
99.979167

99.981917
99.981056
99.980194
99.979333
99.978472

99.981333
99.980444
99.979556
99.978667
99.977778

99.980750
99.979833
99.978917
99.978000
99.977083

99.980167
99.979222
99.978278
99.977333
99.976389

99.979583
99.978611
99.977639
99.976667
99.975694

99.979000
99.978000
99.977000
99.976000
99.975000

99.978417
99.977389
99.976361
99.975333
99.974306

99.978125
99.977083
99.976042
99.975000
99.973958

99.981944
99.981250
99.980556
99.979861
99.979167

99.981222
99.980500
99.979778
99.979056
99.978333

99.980500
99.979750
99.979000
99.978250
99.977500

99.979778
99.979000
99.978222
99.977444
99.976667

99.979056
99.978250
99.977444
99.976639
99.975833

99.978333
99.977500
99.976667
99.975833
99.975000

99.977611
99.976750
99.975889
99.975028
99.974167

99.976889
99.976000
99.975111
99.974222
99.973333

99.976167
99.975250
99.974333
99.973417
99.972500

99.975444
99.974500
99.973556
99.972611
99.971667

99.974722
99.973750
99.972778
99.971806
99.970833

99.974000
99.973000
99.972000
99.971000
99.970000

99.973278
99.972250
99.971222
99.970194
99.969167

99.972917
99.971875
99.970833
99.969792
99.968750

99.978472
99.977778
99.977083
99.976389
99.975694

99.977611
99.976889
99.976167
99.975444
99.974722

99.976750
99.976000
99.975250
99.974500
99.973750

99.975889
99.975111
99.974333
99.973556
99.972778

99.975028
99.974222
99.973417
99.972611
99.971806

99.974167
99.973333
99.972500
99.971667
99.970833

99.973306
99.972444
99.971583
99.970722
99.969861

99.972444
99.971556
99.970667
99.969778
99.968889

99.971583
99.970667
99.969750
99.968833
99.967917

99.970722
99.969778
99.968833
99.967889
99.966944

99.969861
99.968889
99.967917
99.966944
99.965972

99.969000
99.968000
99.967000
99.966000
99.965000

99.968139
99.967111
99.966083
99.965056
99.964028

99.967708
99.966667
99.965625
99.964583
99.963542

99.975000
99.974306
99.973611
99.972917
99.972222

99.974000
99.973278
99.972556
99.971833
99.971111

99.973000
99.972250
99.971500
99.970750
99.970000

99.972000
99.971222
99.970444
99.969667
99.968889

99.971000
99.970194
99.969389
99.968583
99.967778

99.970000
99.969167
99.968333
99.967500
99.966667

99.969000
99.968139
99.967278
99.966417
99.965556

99.968000
99.967111
99.966222
99.965333
99.964444

99.967000
99.966083
99.965167
99.964250
99.963333

99.966000
99.965056
99.964111
99.963167
99.962222

99.965000
99.964028
99.963056
99.962083
99.961111

99.964000
99.963000
99.962000
99.961000
99.960000

99.963000
99.961972
99.960944
99.959917
99.958889

99.962500
99.961458
99.960417
99.959375
99.958333

45

99.971528
99.970833
99.970139
99.969444
99.968750

99.970389
99.969667
99.968944
99.968222
99.967500

99.969250
99.968500
99.967750
99.967000
99.966250

99.968111
99.967333
99.966556
99.965778
99.955000

99.966972
99.966167
99.965361
99.964556
99.963750

99.965833
99.965000
99.964167
99.963333
99.962500

99.964694
99.963833
99.962972
99.962111
99.961250

99.963556
99.962667
99.961778
99.960889
99.960000

99.962417
99.961500
99.960583
99.959667
99.958750

99.961278
99.960333
99.959389
99.958444
99.957500

99.960139
99.959167
99.958194
99.957222
99.956250

99.959000
99.958000
99.957000
99.956000
99.955000

99.957861
99.956833
99.955806
99.954778
99.953750

99.957292
99.956250
99.955208
99.954167
99.953125

46
47
48
49
50

99.968056
99.967361
99.966667
99.965972
99.965278

99.966778
99.966056
99.965333
99.964611
99.963889

99.965500
99.964750
99.964000
99.963250
99.962500

99.964222
99.963444
99.962667
99.961889
99.961111

99.962944
99.962139
99.961333
99.960528
99.959722

99.961667
99.960833
99.960000
99.959167
99.958333

99.960389
99.959528
99.958667
99.957806
99.956944

99.959111
99.958222
99.957333
99.956444
99.955556

99.957833
99.956917
99.956000
99.955083
99.954167

99.956556
99.955611
99.954667
99.953722
99.952778

99.955278
99.954306
99.953333
99.952361
99.951389

99.954000
99.953000
99.952000
99.951000
99.950000

99.952722
99.951694
99.950667
99.949639
99.948611

99.952083
99.951042
99.950000
99.948958
99.947917

51
52
53
54
55

99.964583
99.963889
99.963194
99.962500
99.961806

99.963167
99.962444
99.961722
99.961000
99.960278

99.961750
99.961000
99.960250
99.959500
99.958750

99.960333
99.959556
99.958778
99.958000
99.957222

99.958917
99.958111
99.957306
99.956500
99.955694

99.957500
99.956667
99.955833
99.955000
99.954167

99.956083
99.955222
99.954361
99.953500
99.952639

99.954667
99.953778
99.952889
99.952000
99.951111

99.953250
99.952333
99.951417
99.950500
99.949583

99.951833
99.950889
99.949944
99.949000
99.948056

99.950417
99.949444
99.948472
99.947500
99.946528

99.949000
99.948000
99.947000
99.946000
99.945000

99.947583
99.946556
99.945528
99.944500
99.943472

99.946875
99.945833
99.944792
99.943750
99.942708

56
57
58
59
60

99.961111
99.960417
99.959722
99.959028
99.958333

99.959556
99.958833
99.958111
99.957389
99.956667

99.958000
99.957250
99.956500
99.955750
99.955000

99.956444
99.955667
99.954889
99.954111
99.953333

99.954889
99.954083
99.953278
99.952472
99.951667

99.953333 99.951778
99.952500 99.950917
99.951667 99.950056
99.950833 99.949194
99.950000 99.948333

99.950222
99.949333
99.948444
99.947556
99.946667

99.948667
99.947750
99.946833
99.945917
99.945000

99.947111
99.946167
99.945222
99.944278
99.943333

99.945556
99.944583
99.943611
99.942639
99.941667

99.944000
99.943000
99.942000
99.941000
99.940000

99.942444
99.941417
99.940389
99.939361
99.938333

99.941667
99.940625
99.939583
99.938542
99.937500

61
62
63
64
65

99.957639
99.956944
99.956250
99.955556
99.954861

99.955944
99.955222
99.954500
99.953778
99.953056

99.954250
99.953500
99.952750
99.952000
99.951250

99.952556
99.951778
99.951000
99.950222
99.949444

99.950861
99.950056
99.949250
99.948444
99.947639

99.949167
99.948333
99.947500
99.946667
99.945833

99.947472
99.946611
99.945750
99.944889
99.944028

99.945778
99.944889
99.944000
99.943111
99.942222

99.944083
99.943167
99.942250
99.941333
99.940417

99.942389
99.941444
99.940500
99.939556
99.938611

99.940694
99.939722
99.938750
99.937778
99.936806

99.939000
99.938000
99.937000
99.936000
99.935000

99.937306
99.936278
99.935250
99.934222
99.933194

99.936458
99.935417
99.934375
99.933333
99.932292

66
67
68
69
70

99.954167
99.953472
99.952778
99.952083
99.951389

99.952333
99.951611
99.950889
99.950167
99.949444

99.950500
99.949750
99.949000
99.948250
99.947500

99.948667
99.947889
99.947111
99.946333
99.945556

99.946833
99.946028
99.945222
99.944417
99.943611

99.945000
99.944167
99.943333
99.942500
99.941667

99.943167
99.942306
99.941444
99.940583
99.939722

99.941333
99.940444
99.939556
99.938667
99.937778

99.939500
99.938583
99.937667
99.936750
99.935833

99.937667
99.936722
99.935778
99.934833
99.933889

99.935833
99.934861
99.933889
99.932917
99.931944

99.934000
99.933000
99.932000
99.931000
99.930000

99.932167
99.931139
99.930111
99.929083
99.928056

99.931250
99.930208
99.929167
99.928125
99.927083

71
72
73
74
75

99.950694
99.950000
99.949306
99.948611
99.947917

99.948722
99.948000
99.947278
99.946556
99.945833

99.946750
99.946000
99.945250
99 9 4 4 5 0 0
99.943750

99.944778
99.944000
99.943222
99.942444
99.941667

99.942806
99.942000
99.941194
99.940389
99.939583

99.940833
99.940000
99.939167
99.938333
99.937500

99.938861
99.938000
99.937139
99.936278
99.935417

99.936889
99.936000
99.935111
99.934222
99.933333

99.934917
99.934000
99.933083
99.932167
99.931250

99.932944
99.932000
99.931056
99.930111
99.929167

99.930972
99.930000
99.929028
99.928056
99.927083

99.929000
99.928000
99.927000
99.926000
99.925000

99.927028
99.926000
99.924972
99.923944
99.922917

99.926042
99.925000
99.923958
99.922917
99.921875

76
77
78
79
80

99.947222
99.946528
99.945833
99.945139
99.944444

99.945111
99.944389
99.943667
99.942944
99.942222

99.943000
99.942250
99.941500
99.940750
99.940000

99.940889 99.938778
99.940111 99.937972
99.939333 99.937167
99.938556 99.936361
99.937778 99.935556

99.936667
99.935833
99.935000
99.934167
99.933333

99.934556
99.933694
99.932833
99.931972
99.931111

99.932444
99.931556
99.930667
99.929778
99.928889

99.930333
99.929417
99.928500
99.927583
99.926667

99.928222
99.927278
99.926333
99.925389
99.924444

99.926111
99.925139
99.924167
99.923194
99.922222

99.924000
99.923000
99.922000
99.921000
99.920000

99.921889
99.920861
99.919833
99.918806
99.917778

99.920833
99.919792
99.918750
99.917708
99.916667

81
82
83
84
85

99.943750
99.943056
99.942361
99.941667
99.940972

99.941500
99.940778
99.940056
99.939333
99.938611

99.939250
99.938500
99.937750
99.937000
99.936250

99.937000
99.936222
99.935444
99.934667
99.933889

99.934750
99.933944
99.933139
99.932333
99.931528

99.932500
99.931667
99.930833
99.930000
99.929167

99.930250
99.929389
99.928528
99.927667
99.926806

99.928000
99.927111
99.926222
99.925333
99.924444

99.925750
99.924833
99.923917
99.923000
99.922083

99.923500
99.922556
99.921611
99.920667
99.919722

99.921250
99.920278
99.919306
99.918333
99.917361

99.919000
99.918000
99.917000
99.916000
99.915000

99.916750
99.915722
99.914694
99.913667
99.912639

99.915625
99.914583
99.913542
99.912500
99.911458

86
87
88
89
90

99.940278
99.939583
99.938889
99.938194
99.937500

99.937889
99.937167
99.936444
99.935722
99.935000

99.935500
99.934750
99.934000
99.933250
99.932500

99.933111 99.930722
99.932333 99.929917
99.931556 99.929111
99.930778 99.928306
99.930000 99.927500

99.928333
99.927500
99.926667
99.925833
99.925000

99.925944
99.925083
99.924222
99.923361
99.922500

99.923556
99.922667
99.921778
99.920889
99.920000

99.921167
99.920250
99.919333
99.918417
99.917500

99.918778
99.917833
99.916889
99.915944
99.915000

99.916389
99.915417
99.914444
99.913472
99.912500

99.914000
99.913000
99.912000
99.911000
99.910000

99.911611
99.910583
99.909556
99.908528
99.907500

99.910417
99.909375
99.908333
99.907292
99.906250

91
92
93

99.936806
99.936111
99.935417

99.934278 99.931750
99.933556 99.931000
99.932833 99.930250

99.929222
99.928444
99.927667

99.924167
99.923333
99.922500

99.921639
99.920778
99.919917

99.919111
99.918222
99.917333

99.916583
99.915667
99.914750

99.914056
99.913111
99.912167

99.911528
99.910556
99.909583

99.909000
99.908000
99.907000

9 9 . 9 0 6 4 7 2 99.905208
9 9 . 9 0 5 4 4 4 99.904167
9 9 . 9 0 4 4 1 7 99.903125

16
17

18
19
20

21
22
23
24
25
26
27
28
29

30
31
32
33

34
35
36
37

38
39
40
41
42
43
44

0.26%

0.27%




0.28%

0.29%

99.926694
99.925889
99.925083

DISCOUNT RATE A N D PRICE PER $100

Days to
Run

0.47%

0.48%

0.49«

0.50%

99.998722
99.997444
99.996167
99.994889
99.993611

99.998694
99.997389
99.996083
99.994778
99.993472

99.998667
99.997333
99.996000
99.994667
99.993333

99.998639
99.997278
99.995917
99.994556
99.993194

99.908611
99.997222
99.995333
99.994444
99.993056

99.992500
99.991250
99.990000
99.988750
99.987500

99.992333
99.991056
99.989778
99.988500
99.987222

99.992167
99.990861
99.989556
99.988250
99.986944

99.992000
99.990867
99.989333
99.988000
99.986667

99.991833
99.990472
99.989111
99.987750
99.986389

99.991667
99.990278
99.988889
99.987500
99.986111

8
9
10

99.986556
99.985333
99.984111
99.982889
99.981667

99.986250
99.985000
99.983750
99.982500
99.981250

99.985944
99.984667
99.983389
99.982111
99.S80833

99.985639
99.984333
99.983023
99.981722
99.980417

99.985333
99.984000
99.9826C-7
99.981333
99.980000

99.985028
99.983667
99.982303
99.980344
99.979583

99.984722
99.983333
99.981944
99.980556
99.979167

11
12
13
14
15

99.980889
99.979694
99.978500
99.977306
99.976111

99.980444
99.979222
99.978000
99.976778
99.975556

99.980000
99.978750
99.977500
99.976250
99.975000

99.979556
99.978278
99.977000
99.975722
99.974444

99.979111
99.977806
99.976500
99.975194
99.973889

99.978667
99.977333
99.976000
99.974667
99.973333

99.978222
99.976861
99.975500
99.974139
99.972778

99.977778
99.976389
99.975000
99.973611
99.972222

16
17
18
19
20

99.975500
99.974333
99.973167
99.972000
99.970833

99.974917
99.973722
99.972528
99.971333
99.970139

99.974333
99.973111
99.971889
99.970667
99.969444

99.973750
99.972500
99.971250
99.970000
99.968750

99.973167
99.971889
99.970611
99.969333
99.968056

99.972583
99.971278
99.969972
99.968667
99.967361

99.972000
99.970667
99.969333
99.968000
99.966667

99.971417
99.970056
99.968694
99.967333
99.965972

99.970833
99.969444
99.968056
99.966667
99.965278

21
22
23
24
25

99.970389
99.969250
99.968111
99.966972
99.965833

99.969667
99.968500
99.967333
99.966167
99.965000

99.968944
99.967750
99.966556
99.965361
99.954167

99.968222
99.967000
99.965778
99.964556
99.963333

99.967500
99.966250
99.965000
99.963750
99.962500

99.966778
99.965500
99.964222
99.962944
99.961667

99.966056
99.964750
99.963444
99.962139
99.960833

99.965333
99.964000
99.962667
99.961333
99.960000

99.964611
99.963250
99.961889
99.960528
99.959167

99.963889
99.962500
99.961111
99.959722
99.958333

26
27
28
29
30

99.964694
99.963556
99.962417
99.961278
99.960139

99.963833
99.962667
99.961500
99.960333
99.959167

99.962972
99.961778
99.960583
99.959389
99.958194

99.962111
99.960889
99.959667
99.958444
99.957222

99.961250
99.960000
99.958750
99.957500
99.956250

99.960389
99.959111
99.957833
99.956556
99.955278

99.959528
99.958222
99.956917
99.955611
99.954306

99.958667
99.957333
99.956000
99.954667
99.953333

99.957806
99.956444
99.955083
99.953722
99.952361

99.956944
99.955556
99.954167
99.952778
99.951389

31
32
33
34
35

99.960000
99.958889
99.957778
99.956667
99.955556

99.959000
99.957861
99.956722
99.955583
99.954444

99.958000
99.956833
99.955667
99.954500
99.953333

99.957000
99.955806
99.954611
99.953417
99.952222

99.956000
99.954778
99.953556
99.952333
99.951111

99.955000
99.953750
99.952500
99.951250
99.950000

99.954000
99.952722
99.951444
99.950167
99.948889

99.953000
99.951694
99.950389
99.949083
99.947778

99.952000
99.950667
99.949333
99.948000
99.946667

99.951000
99.949639
99.948278
99.946917
99.945556

99.950000
99.948611
99.947222
99.945833
99.944444

36
37
38
39
40

99.955583
99.954500
99.953417
99.952333
99.951250

99.954444
99.953333
99.952222
99.951111
99.950000

99.953306
99.952167
99.951028
99.949889
99.948750

99.952167
99.951000
99.949833
99.948667
99.947500

99.951028
99.949833
99.948639
99.947444
99.946250

99.949889
99.948667
99.947444
99.946222
99.945000

99.948750
99.947500
99.946250
99.945000
99.943750

99.947611
99.946333
99.945056
99.943778
99.942500

99.946472
99.945167
99.943861
99.942556
99.941250

99.945333
99.944000
99.942667
99.941333
99.940000

99.944194
99.942833
99.941472
99.940111
99.938750

99.943056
99.941667
99.940278
99.938889
99.937500

41
42
43
44
45

99.951444
99.950389
99.949333
99.948278
99.947222

99.950167
99.949083
99.948000
99.946917
99.945833

99.948889
99.947778
99.946667
99.945556
99.944444

99.947611
99.946472
99.945333
99.944194
99.943056

99.946333
99.945167
99.944000
99.942833
99.941667

99.945056
99.943861
99.942667
99.941472
99.940278

99.943778
99.942556
99.941333
99.940111
99.938889

99.942500
99.941250
99.940000
99.938750
99.937500

99.941222
99.939944
99.938667
99.937389
99.936111

99.939944
99.938639
99.937333
99.936028
99.934722

99.938667
99.937333
99.936000
99.934667
99.933333

99.937389
99.936028
99.934667
99.933306
99.931944

99.936111
99.934722
99.933333
99.931944
99.930556

46
47
48
49
50

99.946167
99.945111
99.944056
99.943000
99.941944

99.944750
99.943667
99.942583
99.941500
99.940417

99.943333
99.942222
99.941111
99.940000
99.938889

99.941917
99.940778
99.939639
99.938500
99.937361

99.940500
99.939333
99.938167
99.937000
99.935833

99.939083
99.937889
99.936694
99.935500
99.934306

99.937667
99.936444
99.935222
99.934000
99.932778

99.936250
99.935000
99.933750
99.932500
99.931250

99.934833
99.933556
99.932278
99.931000
99.929722

99.933417
99.932111
99.930806
99.929500
99.928194

99.932000
99.930667
99.929333
99.928000
99.926667

99.930583
99.929222
99.927861
99.926500
99.925139

99.929167
99.927778
99.926389
99.925000
99.923611

51
52
53
54
55

99.940889
99.939833
99.938778
99.937722
99.936667

99.939333
99.938250
99.937167
99.936083
99.935000

99.937778
99.936667
99.935556
99.934444
99.933333

99.936222
99.935083
99.933944
99.932806
99.931667

99.934667
99.933500
99.932333
99.931167
99.930000

99.933111
99.931917
99.930722
99.929528
99.928333

99.931556
99.930333
99.929111
99.927889
99.926667

99.930000
99.928750
99.927500
99.926250
99.925000

99.928444
99.927167
99.925889
99.924611
99.923333

99.926889
99.925583
99.924278
99.922972
99.921667

99.925333
99.924000
99.922667
99.921333
99.920000

99.923778
99.922417
99.921056
99.919694
99.918333

99.922222
99.920833
99.919444
99.918056
99.916667

56
57
58
59

99.935611
99.934556
99.933500
99.932444
99.931389

99.933917
99.932833
99.931750
99.930667
99.929583

99.932222
99.931111
99.930000
99.928889
99.927778

99.930528
99.929389
99.928250
99.927111
99.925972

99.928833
99.927667
99.926500
99.925333
99.924167

99.927139
99.925944
99.924750
99.923556
99.922361

99.925444
99.924222
99.923000
99.921778
99.920556

99.923750
99.922500
99.921250
99.920000
99.918750

99.922056
99.920778
99.919500
99.918222
99.916944

99.920361
99.919056
99.917750
99.916444
99.915139

99.918667
99.917333
99.916000
99.914667
99.913333

99.916972
99.915611
99.914250
99.912889
99.911528

99.915278
99.913889
99.912500
99.911111
99.909722

61
62
63
64
65

99.930333
99.929278
99.928222
99.927167
99.926111

99.928500
99.927417
99.926333
99.925250
99.924167

99.926667
99.925556
99.924444
99.923333
99.922222

99.924833
99.923694
99.922556
99.921417
99.920278

99.923000
99.921833
99.920667
99.919500
99.918333

99.921167
99.919972
99.918778
99.917583
99.916389

99.919333
99.918111
99.916889
99.915667
99.914444

99.917500 99.915667
99.916250 99.914389
99.915000 99.913111
99.913750 99.911833
99.912500 99.910556

99.913833
99.912528
99.911222
99.909917
99.908611

99.912000
99.910667
99.909333
99.908000
99.906667

99.910167
99.908806
99.907444
99.906083
99.904722

99.908333
99.906944
99.905556
99.904167
99.902778

68

99.925056
'99.924000
99.922944
99.921889
99.920833

99.923083
99.922000
99.920917
99.919833
99.918750

99.921111
99.920000
99.918889
99.917778
99.916667

99.919139
99.918000
99.916861
99.915722
99.914583

99.917167
99.916000
99.914833
99.913667
99.912500

99.915194
99.914000
99.912806
99.911611
99.910417

99.913222
99.912000
99.910778
99.909556
99.908333

99.911250
99.910000
99.908750
99.907500
99.906250

99.909278
99.908000
99.906722
99.905444
99.904167

99.907306
99.906000
99.904694
99.903389
99.902083

99.905333
99.904000
99.902667
99.901333
99.900000

99.903361
99.902000
99.900639
99.899278
99.897917

99.901389
99.900000
99.898611
99.897222
99.895833

71
72
73
74
75

99.919778
99.918722
99.917667
99.916611
99.915556

99.917667
99.916583
99.915500
99.914417
99.913333

99.915556
99.914444
99.913333
99.912222
99.911111

99.913444
99.912306
99.911167
99.910028
99.908389

99.911333
99.910167
99.909000
99.907833
99.906667

99.909222
99.908028
99.906833
99.905639
99.904444

99.907111
99.905889
99.904667
99.903444
99.902222

99.905000 99.902889
99.903750 99.901611
99.902500 99.900333
99.901250 99.899056
99.900000 99.897778

99.900778
99.899472
99.898167
99.896861
99.895556

99.898667
99.897333
99.896000
99.894667
99.893333

99.896556
99.895194
99.893833
99.892472
99.891111

99.894444
99.893056
99.891667
99.890278
99.888889

76
77
78
79
80

99.914500
99.913444
99.912389
99.911333
99.910278

99.912250
99.911167
99.910083
99.909000
99.907917

99.910000
99.908889
99.907778
99.906667
99.905556

99.907750
99.906611
99.905472
99.904333
99.903194

99.905500
99.904333
99.903167
99.902000
99.900833

99.903250
99.902056
99.900861
99.899667
99 898472

99.901000
99.899773
99.898556
99.897333
99.896111

99.898750
99.897500
99.896250
99.895000
99.893750

99.896500
99.895222
99.893944
99.892667
99.891389

99.894250
99.892944
99.891639
99.890333
99.889028

99.892000
99.890667
99.889333
99.888000
99.886667

99.889750
99.888389
99.887028
99.885667
99.884306

99.887500
99.886111
99.884722
99.883333
99.881944

81

99.909222
99.908167
99.907111
99.906056
99.905000

99.906833
99.905750
99.904667
99.903583
99.902500

99.904444
99.903333
99.902222
99.901111
99.900000

99.902056
99.900917
99.899778
99.898639
99.897500

99.899667
99.898500
99.897333
99.896167
99.895000

99.897278
99.896083
99.894889
99.893694
99.892500

99.894889
99.893667
99.892444
99.891222
99.890000

99.892500 99.890111
99.891250 99.888833
99.890000 99.887556
99.888750 99.886278
99.887500 99.885000

99.887722
99.886417
99.885111
99.883806
99.882500

99.885333
99.884000
99.882667
99.881333
99.880000

99.882944
99.881583
99.880222
99.878861
99.877500

99.880556
99.879167
99.877778
99.876389
99.875000

0.38%

0.39%

0.40%

0.41%

0.42%

0.43%

0.44%

0.45%

99.998944
99.997889
99.996833
99.995778
99.994722

99.998917
99.997833
99.996750
99.995667
99 994583

99.998889
99.997778
99.996667
99.995556
99.994444

99.998861
99.997722
99.996583
99.995444
99.994306

99.998833
99.997667
99.996500
99.995333
99.994167

99.998806
99.997611
99.996417
99.995222
99.994028

99.998778
99.997556
99.996333
99.995111
99.993889

99.998750
99.997500
99.996250
99.995000
99.993750

99.993667
99.992611
99.991556
99.990500
S9.989444

99.993500
99.992417
99.991333
99.990250
99.989167

99.993333
99.992222
99.991111
99.990000
99.988889

99.993167
99.992028
99.990889
99.989750
99.988611

99.993000
99.991833
99.990667
99.989500
99.988333

99.992833
99.991639
99.990444
99.989250
99.988056

99.992667
99.991444
99.990222
99.989000
99.987778

99.988389
99.987333
99.986278
99.985222
99.984167

99.988083
99.987000
99.985917
99.984833
99.983750

99.987778
99.986667
99.985556
99.984444
99.983333

99.987472
99.986333
99.985194
99.984056
99.982917

99.987167
99.986000
99.984833
99.983667
99.982500

99.986861
99.985667
99.984472
99.983278
99.982083

99.983111
99.982056
99.981000
99.979944
99.978889

99.982667
99.981583
99.980500
99.979417
99.978333

99.982222
99.981111
99.980000
99.978889
99.977778

99.981778
99.980639
99.979500
99.978361
99.977222

99.981333
99.980167
99.979000
99.977833
99.976667

99.977833
99.976778
99.975722
99.974667
99.973611

99.977250
99.976167
99.975083
99.974000
99.972917

99.976667
99.975556
99.974444
99.973333
99.972222

99.976083
99.974944
99.973806
99.972667
99.971528

99.972556
99.971500
99.970444
99.969389
99.968333

99.971833
99.970750
99.969667
99.968583
99.967500

99.971111
99.970000
99.968889
99.967778
99.966667

99.967278
99.966222
99.965167
99.964111
99.963056

99.966417
99.965333
99.964250
99.963167
99.962083

99.965556
99.964444
99.963333
99.962222
99.961111

99.962000
99.960944
99.959889
99.958833
99.957778

99.961000
99.959917
99.958833
99.957750
99.956667

99.956722
99.955667
99.954611
99.953556
99.952500

99.903944 99.901417 99.898889 99.896361 99.893833 99.891306 99.888778 99.886250
99.902889 99.900333 99.897778 99.895222 99.892667 99.890111 99.887556 99.885000
99.901833 99.899250 99.896667 99.894083 99.891500 99.888917 99.886333 99.883750
(
E v e r y e f f o r t h a s


0.46<

99.883722 99.881194 99.878667 99.876139 99.873611
99.882444 99.879889 99.877333 99.874778 99.872222
99.881167 99.878583 99.876000 99.873417 99.870833

b e e n m a d e t o i n s u r e a c c u r a c y in c o m p u t a t i o n , b u t t h i s b a n k d o e s n o t a s s u m e r e s p o n s i b i l i t y f o r e r r o r s )

60

66

67
69
70

82

83
84
85
86

87
88

89
90
91
92
93


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102