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FE D E R A L R E S E R V E BANK O F N EW YORK Fiscal Agent of the United States J" Circular No. 5 643~ 1 L April 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 morning newspapers, A pril 24: The Treasury Department announced last evening that the tenders for $1,000,000,000, or thereabouts, of 365-day Treasury bills to be dated A pril 30, 1965, and to mature April 30, 1966, which were offered on April 19, were opened at the Federal Reserve Banks on April 23. The details of this issue are as follow s: Total applied for Total accepted . . $2,572,794,000 $1,000,762,000 (includes $36,662,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: H i g h ...................... 95.951 L o w ........................ 95.945 Average ................ 95.949 Equivalent rate of discount approx. 3.994% per annum Equivalent rate of discount approx. 3.999% per annum Equivalent rate of discount approx. 3.996% per annum1 (45 percent of the amount bid for at the low price was accepted.) Federal Reserve District B o s t o n ...................................................... New Y o r k ................................................ P h iladelph ia............................................ 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 32,735,000 1,967,888,000 13,575,000 39,448,000 20,232,000 19,522,000 293,454,000 12,855,000 9,580,000 2,940,000 30,995,000 129,570,000 $ $2,572,794,000 5,235,000 923,368,000 2,310,000 4,448,000 2,132,000 2,522,000 28,607,000 3,655,000 1,580,000 2,940,000 995,000 22,970,000 $1,000,762,000 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 4.18 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.
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