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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular N o. 5 4 2 3 ~1 U N ovem ber 29, 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 for publica tion in yesterday’s morning newspapers: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, of 363-day Treasury bills to be dated December 3, 1963, and to mature November 30, 1964, which were offered on November 21, were opened at the Federal Reserve Banks on November 27. The details of this issue are as follows: Total applied for $2,790,001,000 Total accepted .. $1,000,252,000 (includes $156,356,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting two tenders totaling $3,600,000) : High ........ 96.400 Equivalent rate of discount approx. 3.570% per annum Low ........ 96.371 Equivalent rate of discount approx. 3.599% per annum Average ...... 96.380 Equivalent rate of discount approx. 3.590% per annum1 (43 percent of the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Boston .................. $ 141,300,000 New York................ 1,324,814,000 Philadelphia .............. 60,983,000 Cleveland ................ 251,765,000 Richmond ................ 44,856,000 Atlanta ................. 80,350,000 Chicago ................. 269,922,000 St. Louis................ 70,138,000 Minneapolis .............. 130,565,000 Kansas City .............. 39,603,000 Dallas .................. 165,500,000 San Francisco ............. 210,205,000 T o t a l ................. $2,790,001,000 Total accepted $ 75,400,000 345,524,000 12,883,000 169,115,000 25,021,000 42,650,000 110,337,000 35,574,000 44,285,000 24,403,000 78,705,000 36,355,000 $1,000,252,000 1 On a coupon issue o f the same length and for the same amount invested, the return on these bills would provide a yield of 3.75 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 of 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.