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FED ER A L R E SE R V E BANK O F N EW YORK Fiscal Agent of the United States r Circular No. 5 6 7 1 “I L June 25, 1965 J Results of Treasury’s One-Year Bill Offering To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve D istrict: 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 June 30, 1965, and to mature June 30, 1966, which were offered on June 17, were opened at the Federal Reserve Banks on June 24. The details of this issue are as follows: Total applied for Total accepted . . $2,190,290,000 $1,000,090,000 (includes $47,025,000 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 $840,000) : High ....................... 96.157 L o w ......................... 96.126 Average ................. 96.140 Equivalent rate of discount approx. 3.790% per annum Equivalent rate of discount approx. 3.821% per annum Equivalent rate of discount approx. 3.807% per annum1 (90 percent of the amount bid for at the low price was accepted.) Federal Reserve District Boston ......................................................... $ New Y o r k .................................................. P h ilad elp h ia.............................................. Cleveland .................................................. Richmond ................................................... Atlanta ....................................................... Chicago ....................................................... St. L o u i s ..................................................... Minneapolis .............................................. Kansas C i t y .............................................. Dallas ......................................................... San Francisco .......................................... T o t a l ................................................ Total applied fo r Total accepted 10,504,000 1,687,197,000 12,214,000 14,575,000 9,443,000 15,584,000 307,265,000 7,421,000 6,145,000 4,104,000 30,730,000 85,108,000 $ $2,190,290,000 504,000 685,197,000 2,214,000 14,575,000 9,443,000 15,384,000 162,265,000 5,421,000 6,145,000 4,104,000 30,730,000 64,108,000 $1,000,090,000 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 3.97 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 3 60-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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