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FEDERAL RESERVE BANK O F N EW YORK Fiscal Agent of the United States r Circular No. 5 5 5 8 *1 October 6, 1964 J L RESULTS OF BID D IN G FO R 91-D A Y A N D 182-D A Y T R E A SU R Y BILLS TO BE ISSUED O C TO BER 8, 1964 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: A t the time of printing our Circular No. 5556, dated October 5, 1964, announcing an offering of 91-day and 182-day Treasury bills, to be issued October 15, 1964, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued October 8, 1964, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing January 7,1965 Price H i g h .............................. ................. L ow .............................. ................. Average ........................ ................. 99.098a 99.091 99.094 182-Day Treasury Bills Maturing April 8 , 1965 Approx. equiv. annual rate Approx. equiv. annual rate Price 3.568% 3.596% 3.582% ! 98.110b 98.105 98.107 3.738% 3.748% 3.744% i a Excepting one tender of $800,000. b Excepting two tenders totaling $500,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.67 percent for the 91-day bills, and 3.87 percent for the 182-day bills. 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. (45 percent of the amount of 91-day bills bid for at the low price was accepted.) (63 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91 -Day Treasury Bills Maturing January 7,1965 A pplied for District B o s t o n ............................ ........... New Y ork ................... ........... $ 44,954,000 1,387,406,000 182-Day Treasury Bills Maturing April 8,1965 Applied for Accepted $ 44,954,000 764,406,000 $ Accepted 19,452,000 1,274,151,000 $ 4,742,000 653,109,000 Philadelphia ................... ........... 29,829,000 15,729,000 7,042,000 2,042,000 ...................... ........... Richmond .................................. Atlanta ............................ .......... 22,434,000 22,434,000 38,734,000 25,034,000 13,884,000 13,884,000 6,084,000 5,184,000 30,647,000 28,097,000 21,820,000 19,546,000 C h ic a g o ............................ .......... St. L o u i s .......................... ......... 179,445,000 128,435,000 123,235,000 94,275,000 40,291,000 34,631,000 12,294,000 9,909,000 ................... ......... Kansas City ................... ......... ......... 21,412,000 18,312,000 7,463,000 4,589,000 33,027,000 33,027,000 14,478,000 12,438,000 25,744,000 18,194,000 11,078,000 5,878,000 San Francisco ............... 83,539,000 77,989,000 98,589,000 64,159,000 Cleveland Minneapolis T o t a l ................... ......... $1,912,612,000 $1,200,092,000c $1,634,420,000 $900,905,000d C Includes $240,183,000 noncompetitive tenders accepted at the average price of 99.094. d Includes $77,915,000 noncompetitive tenders accepted at the average price of 98.107. 19 14 A lfred H ayes, President. FIFTIETH ANNIVERSARY 19 6 4
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