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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 5 5 0 1 "1 May 28, 1964 J t Results of Treasury’s One-Year Bill Offering To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: 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, of 363-day Treasury bills to be dated June 2, 1964, and to mature May 31, 1965, which were offered on May 21 , were opened at the Federal Reserve Banks on May 27. The details of this issue are as follow s: Total applied for Total accepted . . $2,207,571,000 $1,000,141,000 (Includes $18,127,000 entered on a non competitive hasis and accepted in full at the average price shown below) Range of accepted competitive bids: High ...................... 96.259 L o w ........................ 96.246 Average ............ . Equivalent rate of discount approx. 3.710% per annum Equivalent rate of discount approx. 3.723% per annum Equivalent rate of discount approx. 3.719% per annum 1 96.250 (95 percent o f the amount bid for at the low price was accepted.) Federal R eserve D istrict Total applied fo r Boston .................................................. $ New Y o r k ............................................ P h iladelph ia........................................ Cleveland ............................................ Richmond ............................................ Atlanta ................................................ Chicago ................................................ St. L o u is ............................................... Minneapolis ........................................ Kansas City ........................................ Dallas ................................................... San Francisco .................................... T o t a l .......................................... 48,300,000 1,711,373,000 10,639,000 69,547,000 585,000 5,765,000 209,612,000 5,370,000 8,785,000 4,930,000 16,255,000 116,410,000 Total accepted $ $2,207,571,000 11,195,000 798,198,000 639,000 16,547,000 585,000 1,765,000 134,512,000 2,370,000 2,785,000 3,430,000 4,205,000 23,910,000 $1,000,141,000 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 3.88 percent. Interest rates on bills are quoted in terms of bank discount, with tlie 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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