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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States rC ircu la r No. 5 5 6 5 ~ l L O ctober 28, 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 today’s morning newspapers: The Treasury Department announced last evening that the tenders fo r $1,000,000,000, or thereabouts, of 365-day Treasury bills to be dated October 31, 1964, and to mature October 31, 1965, which were offered on October 21, were opened at the Federal Reserve Banks on October 27. The details of this issue are as fo llo w s : Total applied fo r Total accepted . . $2,349,793,000 $999,950,000 (Includes $45,259,000 entered on a non competitive basis and accepted in full at the average price shown below) Range o f accepted competitive b id s : H igh ........................ 96.168 L o w .......................... 96.154 Average 96.158 ................. Equivalent rate o f discount approx. 3.780% per annum Equivalent rate o f discount approx. 3.793% per annum Equivalent rate o f discount approx. 3.790% per annum1 (100 percent of the amount bid fo r at the low price was accepted.) Federal Reserve District Total applied for Boston .......................................................... New Y o r k ................................................... Philadelphia ............................................... Cleveland ................................................... Richmond ................................................... Atlanta ........................................................ Chicago ........................................................ St. L o u i s ...................................................... Minneapolis ............................................... Kansas City ............................................... Dallas .......................................................... San Francisco ........................................... T o t a l ................................................. $ Total accepted 15,882,000 1,807,769,000 11,172,000 33,136,000 1,458,000 8,019,000 271,921,000 10,147,000 10,845,000 5,579,000 33,765,000 140,100,000 $ $2,349,793,000 1,782,000 788,769,000 1,172,000 17,636,000 1,458,000 3,019,000 91,278,000 4,647,000 3,745,000 5,079,000 1,765,000 79,600,000 $999,950,000 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 3.96 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. T9 1 4 A lfred H ayes, President. FIFTIETH ANNIVERSARY 19 6 4
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