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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal A g en t of the U nited States
r Circular N o. 5 2 8 4 ~
1
January 10, 1963 J

L

Results of Treasury’s One-Year Bill Offering

To All Incorporated Banks and Trust Companies, and Others
Concerned, in the Sccond Federal Reserve D istrict:

The following statement was issued by the Treasury Department and released
for publication in this morning’s newsjJapers:
The Treasury
or thereabouts, o f
January 15, 1964,
Banks on January

Department announced last evening that the tenders for $‘2 ,500,000,000,
365-day Treasury bills to be dated January 15, 1963, and to mature
which were offered on January 2, were opened at the Federal Reserve
9.

The details o f this issue are as fo llo w s:
Total applied fo r
Total accepted . .

$5,244,461,000
$2,501,250,000

(includes $243,310,000 entered on a non­
com petitive basis and accepted in full
at the average price shown below)

Range of accepted competitive bids (excepting three tenders totaling $5,300,000) :
H i g h ........................

96.958

Low

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

96.938

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

96.943

Average

Equivalent rate o f discount approx.
3.000% per annum
Equivalent rate o f discount approx.
3.020% per annum
Equivalent rate o f discount approx.
3.015% per annum1

(13 percent of the amount bid fo r at the low price was accepted)
Federal Reserve District

Total applied for

Boston ....................................................$
71,079,000
New Y ork ............................................. 3,877,645,000
Philadelphia .........................................
58,461,000
C le v e la n d ...............................................
216,550,000
R ic h m o n d ...............................................
19,353,000
A t la n t a ...................................................
47,268,000
Chicago .................................................
479,381,000
St. Louis ...............................................
59,703,000
Minneapolis ...........................................
47,614,000
Kansas C i t y ...........................................
67,977,000
Dallas ......................................................
42,580,000
San F r a n c is c o .......................................
256,850,000
T o t a l ...........................................

’

Total accepted

$
8,979,000
1,739,008,000
11,951,000
118,239,000
10,981,000
28,082,000
306,594,000
29,410,000
18,514,000
43,607,000
13,840,000
172,045,000

$5,244,461,000

$2,501,250,000

1 On a coupon issue of the same length and for the same amount invested, the return on these bills
would provide a yield o f 3 .1 3 percent. Interest rates on bills are quoted in terms o f bank discount, with the
return related to the face amount o f the bills payable at maturity rather than the amount invested, and their
length in actual number o f days related to a 360-day year. In contrast, yields on certificates, notes, and
bonds are computed in terms o f interest on the amount invested, and relate the number o f days remaining
in an interest payment period to the actual number o f days in the period, with semiannual compounding if
more than one coupon period is involved.




A

lfred

H

ayes,

President.

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