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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 5 4 5 5 ~ 1 u January 31,1964 J Results of Treasury’ s One-Year Bill Offering To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The follow ing statement was issued by the Treasury Department and released for publication in this morning’s newspapers: The Treasury or thereabouts, of January 31, 1965, Banks on January Department announced last evening that the tenders for $1,000,000,000, 360-day Treasury bills to be dated February 6, 1964, and to mature which were offered on January 23, were opened at the Federal Reserve 30. The details o f this issue are as follows: Total applied for Total accepted $2,211,893,000 $1,000,393,000 (Includes $30,560,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High ........................ 96.335 Low 96.312 ........................ Average .................. Equivalent 3.665% Equivalent 3.688% Equivalent 3.680% 96.320 rate of discount approx. per annum rate of discount approx. per annum rate of discount approx. per annum1 (10 percent of the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Boston .................................................. $ New Y o r k ............................................ Philadelphia.......................................... C levelan d.............................................. Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. Louis .............................................. Minneapolis .......................................... Kansas C i t y .......................................... Dallas .................................................. San Francisco ..................................... To t a l ....................................... 31,915,000 1,750,771,000 10,458,000 8,592,000 974,000 4,445,000 241,236,000 9,608,000 9,100,000 6,062,000 17,199,000 121,533,000 Total accepted $ $2,211,893,000 20,915,000 754,771,000 458,000 3,592,000 974,000 1,445,000 167,236,000 5,008,000 3,100,000 5,062,000 7,299,000 30,533,000 $1,000,393,000 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 3.85 percent. 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. 19 14 A lfred H ayes, President. F I F T I E T H A N N I V E R S A R Y 19 6 4
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