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FEDERAL RESERVE BANK OF NEW YORK Fiscal A gen t o f 'the U nited States f Circular No. 5 3 5 5 1 L July 10, 1963 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 morning’s newspapers: The Treasury Department announced last evening that the tenders fo r $2,000,000,000, or thereabouts, of 366-day Treasury bills to be dated July 15, 1963, and to mature July 15, 1964, which were offered on July 2, were opened at the Federal Reserve Banks on J u ly 9. The details of this issue are as fo llo w s: Total applied for Total accepted . . $4,495,099,000 $2,000,022,000 (includes $214,774,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting 11 tenders totaling $3,100,000) : H i g h ........................ 96.412 Low ........................ 96.342 A v e r a g e ................. 96.358 Equivalent rate o f discount approx. 3.529% per annum Equivalent rate o f discount approx. 3.598% per annum Equivalent rate o f discount approx. 3.582% per annum1 (37 percent o f the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Boston ................................................... $ 92,060,000 New Y o r k ............................................... 2,852,546,000 Philadelphia ......................................... 58,377,000 Cleveland ............................................... 248,543,000 R ic h m o n d ............................................... 30,331,000 A t la n t a .................................................... 51,960,000 C h ic a g o .................................................... 686,276,000 St. L o u i s ................................................. 26,424,000 Minneapolis ........................................... 27,029,000 Kansas C i t y ........................................... 56,652,000 Dallas ...................................................... 35,177,000 San F r a n c is c o ....................................... 329,724,000 T o t a l ........................................... Total accepted $ 27,630,000 1,075,335,000 29,949,000 112,428,000 8,231,000 23,510,000 575,556,000 13,224,000 5,629,000 26,809,000 8,677,000 93,044,000 $4,495,099,000 $2,000,022,000 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield of 3.74 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 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 of 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. J
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