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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States I" Circular No. 5 3 2 4 L April 11, 1963 J Results of Treasury’s One-Year Bill Offering To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was issued by the Treasury Department and released for publication in this m orning’s newpapers: The Treasury Department announced last evening that the tenders fo r $2,500,000,000, or thereabouts, o f 366-day Treasury bills to be dated A p ril 15, 1963, and to mature A p ril 15, 1964, which were offered on A p ril 2, were opened at the Federal Reserve Banks on A p ril 10. The details of this issue are as fo llo w s : Total applied fo r Total accepted . . $4,047,688,000 $2,500,863,000 (includes $190,841,000 entered on a non competitive basis and accepted in fu ll at the average price shown below) Range of accepted competitive bids (excepting three tenders totaling $1,050,000) : H igh ...................... 96.899 ........................ 96.881 A v e r a g e ................. 96.887 Low Equivalent rate of discount approx. 3.050% per annum Equivalent rate o f discount approx. 3.068% per annum Equivalent rate of discount approx. 3.062% per annum1 (25 percent of the amount bid fo r at the low price was accepted) Federal Reserve District Boston ................................................... New Y ork ............................................. Philadelphia ......................................... Cleveland ............................................... Richmond ............................................. A t la n t a .................................................... Chicago ................................................. St. L o u i s ................................................. Minneapolis ........................................... Kansas City ......................................... Dallas ...................................................... San F r a n c is c o ....................................... T o t a l ............................................. Total applied for $ Total accepted 54,836,000 2,885,191,000 39,825,000 219,101,000 27,133,000 43,800,000 478,638,000 25,081,000 34,771,000 43,319,000 35,949,000 160,044,000 $ $4,047,688,000 25,111,000 1,780,941,000 9,825,000 143,551,000 14,883,000 37,500,000 328,438,000 17,631,000 12,271,000 33,119,000 13,949,000 83,644,000 $2,500,863,000 1 Oil a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield o f 3.19 percent. Interest rates on bills are quoted in terms of 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 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 o f 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. A lfred H ayes, President.