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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5 4 6 6 ~l L February 26, 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 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 for $1,000,000,000, or thereabouts, of 362-day Treasury bills to be dated March 3, 1964, and to mature Feb ruary 28, 1965, which were offered on February 18, were opened at the Federal Reserve Banks on February 25. The details of this issue are as follows: Total applied for Total accepted $2,412,275,000 $1,000,495,000 (Includes $19,402,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting one tender of $3,500,000): High ........................ 96.225 Low ........................ 96.207 A v era ge.................... 96.214 Equivalent 3.754% Equivalent 3.772% Equivalent 3.765% rate of discount approx. per annum rate of discount approx. per annum rate of discount approx. per annum 1 (14 percent of the amount bid for at the low price was accepted.) Federal Reserve District Total applied for Boston .................................................. $ New York ............................................ Philadelphia.......................................... C leveland.............................................. Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. Louis .............................................. Minneapolis .......................................... Kansas C i t y .......................................... Dallas .................................................. San Francisco ..................................... To t a l ....................................... 40,950,000 1,879,921,000 10,300,000 49,511,000 6,655,000 5,920,000 212,573,000 17,833,000 19,680,000 5,301,000 16,219,000 147,412,000 Total accepted $ $2,412,275,000 20,750,000 739,221,000 300,000 32,511,000 6,655,000 1,820,000 105,113,000 8,833,000 13,680,000 2,801,000 2,359,000 66,452,000 $1,000,495,000 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 3.93 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