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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 5 4 9 0 L May 1, 1964 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 today’s morning newspapers: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, o f 359-day Treasury bills to be dated May 6, 1964, and to mature April 30, 1965, which were offered on April 24, were opened at the Federal Reserve Banks on April 30. The details of this issue are as follow s: Total applied for Total accepted . . $1,883,634,000 $1,000,239,000 (Includes $16,834,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High ...................... 96.316 L o w ........................ 96.296 Average ................ Equivalent rate of discount approx. 3.694% per annum Equivalent rate of discount approx. 3.714% per annum Equivalent rate o f discount approx. 3.705% per annum 1 96.305 (69 percent of the amount bid for at the low price was accepted) Federal Reserve District Total applied for Boston .................................................. $ New York ............................................ P h iladelph ia........................................ Cleveland ............................................ Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. L o u is .............................................. Minneapolis ........................................ Kansas City ........................................ Dallas .................................................. San Francisco .................................... T o t a l .......................................... Total acccpted 15,540,000 1,505,037,000 10,640,000 1,556,000 423,000 9,900,000 214,236,000 9,300,000 7,576,000 6,056,000 11,150,000 92,220,000 $ $1,883,634,000 540,000 760,837,000 640,000 1,556,000 423,000 6,280,000 157,436,000 4,800,000 4,921,000 4,056,000 3,840,000 54,910,000 $1,000,239,000 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 3.86 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. FIFTIETH ANNIVERSARY 19 6 4
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