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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5 6 3 6 "I L March 26, 1965 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 for $1,000,000,000, or thereabouts, of 365-day Treasury bills to be dated March 31, 1965, and to mature March 31, 1966, which were offered on March 18, were opened at the Federal Reserve Banks on March 25. The details of this issue are as follow s: Total applied for Total accepted .. $2,240,976,000 $1,000,018,000 (includes $53,400,000 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 $50,000) : High ...................... 95.973 L o w ........................ 95.950 Average ................ 95.957 Equivalent rate of discount approx. 3.972% per annum Equivalent rate of discount approx. 3.995% per annum Equivalent rate of discount approx. 3.987% per annum1 (29 percent of the amount bid for at the low price was accepted.) Federal Eeserve District B o s t o n ...................................................... New Y o r k ................................................ P hiladelphia............................................ Cleveland ................................................ Richmond ................................................ Atlanta .................................................... Chicago .................................................... St. L o u is .................................................. Minneapolis ............................................ Kansas C i t y ............................................ Dallas ...................................................... San Francisco ........................................ T o t a l .............................................. Total applied for $ Total accepted 22,601,000 1,615,051,000 18,029,000 77,336,000 12,358,000 19,738,000 329,116,000 11,105,000 11,142,000 6,605,000 32,733,000 85,162,000 $ $2,240,976,000 12,601,000 669,206,000 12,999,000 47,936,000 5,288,000 13,738,000 143,223,000 9,405,000 7,787,000 6,605,000 19,893,000 51,337,000 $1,000,018,000 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 4.17 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. A lfred H a y e s , President.