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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [ Circular No. 5 4 1 4 T November 6, 1963 J RESULTS OF BIDDING FOR 91-DAY AND 182-DAY TREASURY BILLS TO BE ISSUED NOVEMBER 7, 1963 To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At the time of printing our Circular No. 5412, dated November 4, 1963, announcing an offering of 91-day and 182-day Treasury bills, to be issued November 14, 1963, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills,tobe issued November 7, 1963, were not available. The results, now available, are: Range of Accepted Competitive Bids 182-Day Treasury Bills Maturing May 7,1964 91-Day Treasury Bills Maturing February 6,1964 Price High .......... .... Low .......... ... Average ........ ... 99.116a 99.108 99.111 Approx. equiv. annual rate Approx. equiv. annual rate Price 3.497% 3.529% 3.517% x 98.190 98.154 98.169 3.580% 3.651% 3.621%! a Excepting one tender of $1,700,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.61 percent for the 91-day bills, and 3.75 percent for the 182-day bills. Interest rates on bills are quoted in terms of 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 of days in the period, with semiannual compounding if more than one coupon period is involved. (41 percent oftheamount of91-day bills bid foratthelow pricewas accepted.) (1 percent of the amount of 182-day bills bid foratthe low pricewas accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing February 6,1964 District Applied for Boston ............. New York........... Philadelphia.......... Cleveland ........... Richmond........... Atlanta ............. Chicago ............ St. Louis ........... Minneapolis .......... Kansas City.......... Dallas .............. San Francisco........ Total........ 182-Day Treasury Bills Maturing May 7,1964 Accepted $ 42,802,000 1,453,830,000 27,689,000 20,606,000 14,361,000 26,394,000 255,914,000 36,414,000 21,400,000 32,084,000 39,564,000 79,911,000 $ 18,852,000 854,102,000 12,689,000 20,606,000 14,361,000 21,214,000 179,834,000 31,296,000 17,310,000 29,084,000 32,974,000 68,017,000 $2,050,969,000 $1,300,339,000b Applied for $ Accepted 8,063,000 977,210,000 10,041,000 9,545,000 6,157,000 8,262,000 124,331,000 10,878,000 7,688,000 8,493,000 10,392,000 38,001,000 $ 8,063,000 617,260,000 5,041,000 9,545,000 6,157,000 8,262,000 72,331,000 9,883,000 7,688,000 8,393,000 10,392,000 37,011,000 $1,219,061,000 $800,026,000c b Includes $248,037,000 noncompetitive tenders accepted at the average price of 99.111. c Includes $62,398,000 noncompetitive tenders accepted at the average price of 98.169. A l fr e d H ayes, President.
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